The big picture for Google Wallet is to gather all your cards and all the pieces you can find in your wallet at one place: your mobile.
For now it's only in testing phase in New York and San Francisco area. Few retailers will accept your payments at the beginning. Payments and coupons will be the first available features. You will need to wait a few years to replace completely your wallet.
Google Wallet product launch: http://youtu.be/iZAV6sIzzogCheckout the comparison table below to see how Google Wallet could replace your old wallet. What do you prefer ?
|Google Wallet||Your old fashion wallet|
|Compatibility||NYC / San Francisco with selected retailers||Everywhere|
|Actors||Google, Citi Bank, MasterCard, Sprint||Visa, MasterCard, American Express...|
|Privacy concern||All your transactions might be monitored by a single entity||Your transactions could be anonymous with tender money.|
Your transactions might not be all monitored by a single entity.
|Thief safe||Yes The Wallet PIN code should keep your data safe||No your tender money will be lost so as your ID, credit card numbers...|
|Digital receipts||Yes planned||Yes http://myreceipts.com/|
|Hotel room key||Yes||Yes only credit card shaped keys|
|Require wireless reception||Yes Not sure||No|
|Single point of failure||Yes||No|
|Autonomy||Almost one day||Few years|