That's not the real issue. The real issue is that it doesn't fulfill the promise of you not having to hold your cards anymore (unless you only shop at Walgreens).
In the short term, sure, but if there's sufficient uptake things might look different in a few years.
For me, it might not take much - just Walgreens, some supermarkets, and a decent number of local restaurants supporting this might be enough to allow me to leave my wallet at home on a typical workday. Ironically the one card I'd probably still need, my transit card (Clipper), I assume also uses NFC of some sort. It'd be nice if the new iPhone's NFC feature could support that as well.
Clipper uses a technology called "MiFare DESFire". I'm under the impression that mobile phones can read these, but can't emulate them for some reason. (But apparently they can emulate its predecessor, MiFare Classic, which is unencrypted?)
