Google Wallet's big promise, as of yet unfulfilled, wasn't necessarily to make payments easier, though that's a big part of it, it was to actually replace your wallet.
Wallet was always intended to hold more than money, it would hold offers, bus passes, IDs of all sorts, concert tickets, even digital keys. The possibilities really are endless.
But Google Wallet has been nowhere near the success Google wanted and needed it to be. The rumor that the iPhone 5 won't be sporting an NFC chip is even more bad news.
Google is working on it though, the plans to evolve Wallet into more than just a credit card app are still underway as a Q&A video clearly shows.
In the year or so since it launched, Wallet has gotten plenty of competition, not the least of which Apple's Passbook
in the upcoming iOS6.