Google Wallet beat Apple to the payment game by a couple of years, but Apple Pay was ultimately a bigger success. The new Google Wallet will focus more on sending and receiving money, much like Squarecash or Venmo. I'm not sure how successful this version will be.
The new Google Wallet, which launched this week, is a peer-to-peer payments app that has just one feature: the ability to send money to a Google account from your debit card, bank account, or Google Wallet balance. This functionality was previously offered in the Google Wallet app, but it will not be available in the forthcoming Android Pay app. Is this a sign that Google Wallet is being phased out? Likely not, given that the company took the effort to create a new app from scratch. (The old Google Wallet app will soon be updated to become Android Pay.) But it isn't clear why anyone who currently uses Venmo—or even Square Cash—would make the jump to Google Wallet. And those who flocked to the app for its NFC capabilities will now turn to Android Pay.