The Google NFC system is little more than a smartcard with an NFC interface in a phone . Smartcard chips with NFC capability have existed for a number of years. There are already thousands of chip and pin NFC enabled cards issued in Europe (Visa Paywave, etc...), which carry cash for small purchases, so who needs this in a phone?
This 'development' brings little to the party.
As far as security is concerned contactless cards use the same standard (EVM) system as Europe's smartcards use, nothing new.
Google has invented little or nothing, but is just exploiting commercial advertising/coupon opportunities. It should be ignored until their is global agreement on implementation among all financial institutions. Developments like this have to be spearheaded by Visa, Mastercard, etc, not by Google.
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