Mobile wallet: Will it make a difference??

Mobile wallets are all the rage in japan and china- the latest figures show that 10 percent of our japanese cousins have used their phone to pay for their goods. With this software making it's way into phones being released in the US and Europe we are wondering, will it catch on? Our guess is that it will, especially as giants master card are pumping money into having the service ready for the 2012 olympics in London. Hand set makers HTC and motorola have revealed they have built hand sets with the technology built in, and a Japanese manufacturer is producing sim cards with the technology so that people can use the service without buying a new phone. If this does catch on will we be paying for our stuff with our phones ? Time will tell.