Doesn't sound any worse than regular credit card transactions, where signature verification and ID checking are never done. It might even be better, since you can lock your phone, and presumably wire it to wipe remotely or after some failed guesses.
If the wallet is something you have to manually summon and isn't running in the background all the time, it'll be safer than the contactless RFID credit cards out there now.
If you're in the US, if your card does get stolen you'll only be responsible for the first $50[1], just like if you were paying with plastic or online.
1: Legally; some cards protect you from the first $50 too, but none will make you responsible for more than $50.
Yeah I wouldn't be impressed with that. My cards don't have any amount to pay when I get compromised. Which is good as I booked a trip around Thailand and used my personal credit card for it, and used pre pay cards when I got there.
I got back and within a few weeks I started getting transactions booked to personal card. I delibratly didn't use that card this time (as this happens all the time when I head to Asia) and hence why I got the pre pay cards. But either Bangkok Airways, Air Asia, or JetStar have had there systems compromised, as sure enough like clock work the fraudulent charges started.
Luckily you mention asia and credit card fraud and you don't even have to supply evidence, Master Card just roll the transactions back immediatly and cancel the card. I guess its cheaper for them to do that waste time getting evidence for each incident.
If the wallet is something you have to manually summon and isn't running in the background all the time, it'll be safer than the contactless RFID credit cards out there now.
If you're in the US, if your card does get stolen you'll only be responsible for the first $50[1], just like if you were paying with plastic or online.
1: Legally; some cards protect you from the first $50 too, but none will make you responsible for more than $50.