If you click on the learn more link inside of google wallet, you’ll be taken to an FAQ page explaining the transition. Google Wallet will be splitting into two separate apps. Those that already have Google Wallet will be automatically updated to Android Pay and Google wallet will show up as a separate app in play store. All of your loyalty and gift cards that you have stored in your device will automatically be transferred into Android Pay. You can also download them as PDFs using the web interface.
Android Pay will allow you to use your phone’s NFC chip to pay for goods and services in stores. Certain merchants will also automatically apply any rewards/loyalty points to your store’s loyalty card. Android pay will keep your debit/credit card information safe by using a virtual account number in lieu of your actual card number.
You’ll also be able to use Android Pay to keep track of purchases. As soon as you purchase something, you’ll be able to see exactly the when, where, and how much of every transaction. That should make it easier to spot any fraudulent purchases.
Lastly, if you lose your phone, you don’t need to go and cancel all your cards. All you need to do is use Google’s Android Device Manager to instantly lock your device, locate it, or even wipe it clean.
The new Google Wallet will effectively be relegated to a money transfer app, it will also be able to continue to use your Google Wallet card with the Google Wallet app.
This seems to confirm the Verizon wireless leak showing a September 16th launch date for Android Pay.
What do you think? Are you going to use Android Pay? Let us know in the comments.