Don't get me wrong, Google understands the inherent security risks of storing credit card information, and it has gone to great lengths to ensure sensitive data is protected in every way possible. But, at the end of the security chain is an "authorized" Android app, and that is the .

Consider the whole system, and the steps of the process. On the processing end, you really have nothing to worry about. The NFC technology used by Google is not any different than the wireless signals used in many credit and debit cards, or gas station swipe-to-pay systems now.

I can already tap properly-equipped payment terminals--like those at most McDonald's--to make payments with my Chase Bank debit card, so doing the same thing with my smartphone wouldn't be any less secure per se. On the back end, the processing and storage of my credit card information is still being protected by the PCI-DSS (payment card industry data security standards) rules that govern such things.

That credit card data is also stored on the Android smartphone. But, Android smartphones equipped for have a separate chip to store the sensitive credit card data. The credit card information is encrypted and the chip itself is tamper proof. Seems secure enough, even if a thief has physical possession of the smartphone.

Then comes the weak link--the Android app. Here too, Google has done its part and developed a system that relies on a PIN from the user to open the app or initiate a transaction using Google Wallet. That alone represents one weak point in the Google Wallet security. Have you seen the kinds of passwords people use because they can't be bothered to remember something more complex? How many Google Wallet PINs will end up being "1111", or "1234", or something equally trivial to guess?