The old Wallet app is likely to be converted to Android Pay upon its launch.
Google has rolled out a brand new Google Wallet app for its users dubbed Google Wallet (New). The original Wallet app is still there, but not for long as it’s soon expected to be converted to Android Pay, Google’s mobile payment system that would allow you to pay in-store payments by tapping your smartphone on the NFC terminal.
The revamped Google Wallet app lets you tie in your debit card or U.S bank account to send money across United States using your smartphone, for absolutely free. You can also request money using the app. The app even helps you manage your Google Wallet Card.
If your device gets automatic updates, then your old Google Wallet app will automatically be updated to Android Pay, but you will have to download Google Wallet (New) App on your Android from Google Play, or App Store in case of iPhone.
If there is any balance in your current Google Wallet app, then it will automatically be moved to the new app.
Check out the FAQs page for more information on the two apps.