Update: Google has officially announced the new app.
Today, we’re announcing a new Google Wallet app — now focused exclusively on sending and receiving money. You can use Google Wallet with your Android or iOS device to send money to anyone in the US with an email address, even if they are not a Wallet user. And now, when you receive money through Google Wallet, you can quickly cash out to a debit card or linked bank account.
Google today unexpectedly released a new Google Wallet app on the Play Store. Instead of updating the original Wallet app, the company released an entirely new app with an entirely new interface. At this point, it appears that the original Wallet app will be converted to Android Pay when it launches, while Wallet itself will live on in the form of today’s new app.