After it made the app part of Google Pay, it seems that the company is working on bringing back the wallet. The company is working on a way to access and manage your payment and transit cards, passes, rewards memberships, and more through a Wallet interface for the Play Services.
Rahman says that you will be able to get to the new WalletUI from within the app, and that you will still be able to pay with a credit card. It appears that the cards you put into your wallet will be accessible from other places, as shown in the images.
You can store payment cards in the app, and it was started as a place for you to do that. Over the years, it evolved from a payment service to a competitor to Venmo before it was folded together withAndroid pay to create Google Pay. The app has been completely reworked, turning it into more than just an app for sending money and storing digital cards.
That transition has been confusing for some, and the fact that Google Pay is trying to handle everything related to payments, but the project was scrapped, probably doesn't help. If Wallet is brought back, it could help focus the experience on paying at stores and sending money to friends.