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My read is that there's the Google Pay app (that currently handles tap-to-pay + all your payments), and Google Wallet (which handles cards only). In the near future, Wallet will handles cards + payments (including subscriptions) + tap-to-pay... but it's unclear whether Google is still going to have Offers & P2P payments as they exist in the current Pay app.

"While in-store and online payments via Google Pay remain unchanged"

Subway payments should keep working.

Do not worry. This is Google's fucked up branding. They are shutting down phone app not the Google Pay product.