The Google Pay brand aims to consolidate various payment brands under one umbrella. Google offers the move as one of simplification. By streamlining how it offers its payment method tools to consumers it places them under a single brand called Google Pay.
Pali Bhat, Vice President of Product Management for Payments, covered this strategy via blog post. He cites the move as more of a rebranding than any significant change to a single product. Instead, he discusses how products like Android Pay(Google's platform for loyalty and mobile payments) and Google Wallet(a peer to peer payments app) can coexist harmoniously.
The strategy should allow online transactions to become more simple and clear in the future. Those who save payment information within their Google accounts needn't worry about figuring out which particular app to use as it would all be conducted within Google Pay.
Bhat writes via blog post that such transactions will be easier and faster due to this saved payment information and also offer "peace of mind". He also forecast that consumers can expect to see Google Pay in more places online.