Support for Managed Google Play was introduced in Snow Device Manager 5.6.0, then known as Google EMM or Android EMM. With the release of Snow Device Manager 6.0, Managed Google Play is the recommended and preferred way to install applications on Android devices.
In short, what is it for?
It is to some extent like a volume purchase program for Android Apps (even though Google has not launched the possibility to use it for payed apps in Europe yet). It brings the possibility to be able to install applications on Android devices without the need of a Google Account on the device, but in addition you can also preconfigure applications (if #the app supports configuration) distribute private apps (bespoke) and web-apps (shortcuts) and finally control what applications that will be visible for end users in the managed Google Play Store.
Note: For the full Android Enterprise experience you will have to enroll the devices in Device Owner (DO) mode thru Samsung Knox Mobile Enrollment or QR-Code. If you activate Managed Google Play on a Device only managed with Device Administrator (DA) you will get a work profile on the device.
If you want to read more in detail, you can find the information at Google
Sounds interesting, but how to configure it?
Only prerequisite is a Google account that is not connected to G-suite.