We do know that Google Wallet ... service will go live in September - whatever that service is. We also know that US luggage shop The Container Store is signed up to the service, and that Vivotech is providing Near Field Communication ( NFC )  terminals for Google, but we still don't know if all that means the "chocolate factory" is turning bank or just providing a wallet into which other companies can place their cards.

Wallets are certainly in vogue at the moment – US operator-consortium ISIS had planned to create an NFC payment system in competition with the banks, but last month changed tack to provide a standard wallet into which banks could drop their payment apps.

Visa is also going down the Wallet route, though Visa plans to provide a multiplatform wallet covering on-line as well as physical payments. In Visa's world a payment company (say... Barclaycard) creates a payment app and drops it into Visa's electronic wallet, that app can then be used on-line (linked to an e-mail address to compete with PayPal), or in the real world (using NFC handsets), with Visa providing the underlying security across all platforms.
http://www.theregister.co.uk/2011/05/26/google_wallet/