Although Google Wallet is not considered a disruptive innovation(such the internet or cds), Google still has their work cut out to successfuly bring this product pass the early adapter's and move into the early majority market. Keep in mind that most products fail even before ending the early adapter's cycle.
Here are the top 5 hurdles to the success of Google Wallet.
1) Motiving retailers, restaurants, and commercial stores to offer option for NFC payments.
2) Provide incentives for more credit card companies to merge into the system.
3) Offer more NFC phones or develop more NFC capable technology for the Android phones.
4) Find an easy solution for customers with broken, lost, or just plain out-of-battery devices, and have no means for any other payment methods. They promoted that the phone will replace wallet.
5) Highlight why security on Google Wallet beats conventional plastic when lost or stolen. Note to Google: Emphasize on how the pin will protect consumer's sensitive information, which can be erased from a remote location, whereas normal plastic don't offer that capability. In either payment types, the individual has to cancel the credit/debit card but it's nice that Google Wallet offers the additional protection.