Can confirm, I've used Google Wallet multiple times recently, including last night. My experience matches what they document here, except that I've never personally seen the rare upper bounds for debit card transactions or for sending via bank account:

https://support.google.com/wallet/answer/6285486?hl=en

There was some rebranding news recently; you may see them consolidate various payment brands into the term Google Pay. But they're keeping their p2p payment feature.

Disclosure: Although I used to work at Google, I don't now and have never worked on their payment tech. I'm just a satisfied user who finds PayPal/Venmo a shady enough company to avoid when decent alternatives exist to accomplish the goal.

I'm thinking of the Wallet Card they used to have:

https://support.google.com/wallet/answer/6285510?hl=en

Google Wallet hasn't behaved the same for me since.