I like Google and their constant tinkering with the way we manage our data and commerce. Technologically, being able to touch your phone to a terminal to make a payment is pretty cool. But this doesn't really solve much for me.
In my wallet now, I have:
health insurance card
prescription drug card
fedex office payment card
AmEx Serve card
2 walmart debit cards
After phone payments become standard, I still have to carry a wallet and the items contained.
Certainly, Google Wallet will be a handy additional payment option; but it doesn't really do much in eliminating the need to carry a wallet, especially for the George Costanzas of the world.
In fact, what would help me more is to carry less electronic stuff. I'm seriously considering the Indiana Jones satchel option to carry my gadgets; eliminating a debit card in my wallet hardly makes a dent.