One of the many things introduced at Google I/O 2015 was Android Pay. A few months ago at Mobile World Congress, Google exec Sundar Pichai teased the world with an introduction to Android Pay, but touted it as an API for developers to use to secure payments through Android phones. Announced at Google I/O 2015, the final version of Android Pay moves the Tap-To-Pay element from Google Wallet to Android Pay and increases the layer of security by integrating the new fingerprint API introduced with Android M.
The product also integrates loyalty programs such as My Coke Rewards-- when used at Coke vending machines will allow you to utilize either your credit card selected in Android Pay or use your My Coke Rewards to redeem a product with your points.
The new Android Pay also changes the payment mechanism from a fixed Virtual MasterCard number that charges your normal card to Tokenized Random Virtual Card Numbers, like Apple Pay uses, that helps secure your credit card number by submitting a randomly generated card number instead.
Google Wallet is supposedly living on as a way to send payments between two people and as the physical credit card that links to your Android Pay account.
Android Pay is expected to be released to Android phones running 4.4+ but the fingerprint API is only going to be available for Android M at this time.
HNLNFC will be transitioning mentions of Google Wallet to Android Pay on the website.