Not exactly, as it includes things that were never part of Wallet.
> Then at some point Google Wallet was split out into Android Pay. And now it's Google Pay?
Android Pay was a renamed acquisition that was originally intended to be merged with Wallet but was kept apart (but Wallet’s NFC payment feature was retired as Android Pay was brought online, which made it look like Wallet was being split up.)
But Google Pay seems to merge in a number of other siloed app-specific Google payment features as well.as Wallet and Android Pay (these clearly have been integrated behind the scenes for a while, since their “pay with Google” feature leveraged payment methods you had registered through any of them or Wallet or Android Pay), so this looks like the UI and branding catching up with backend integration.