As we thought, Android Pay has been officially announced during Google I/O 2015. Right now, Google is holding the Da One keynote from Google I/O 2015, and if you aren't doing so already, you can follow along with us live here. Android Pay, while pretty much what you think it is, is a core part of Android M, a release schedule for later this year. However, it was announced on stage that it will also work with devices running Android 4.4 KitKat and above, with devices running M gaining access to fingerprint support.
David Burke, one of he head engineers for Google, announced the new initiative on stage during the keynote. Android Pay will continue where Google Wallet left off, while also replacing the service. As far as paying with just your phone is concerned, all a user needs to do is to unlock their device, tap the phone on an NFC terminal and then that's it! Android Pay will then also be available in-app, replacing Google Wallet and the way that people pay for things inside apps. Big names like American Express and Visa are onboard, along with 700,000 retailers that accept contactless payments, including big names like Subway, Best Buy and more. As well as this, mobile carriers like AT&T, Verizon and T-Mobile are all on board to sell devices compatible with Android Pay as soon as you leave the store with them, or they arrive on your door.
In Android M, fingerprint support will be available to better authenticate your payment, however Android Pay will work on devices running Android 4.4 KitKat or above. Right now, we don't know much more than that, but we do know that it will launch later this year alongside Android M.