Today we’re releasing a new, cloud-based version of the Google Wallet app that supports all credit and debit cards from Visa, MasterCard, American Express, and Discover. Now, you can use any card when you shop in-store or online with Google Wallet. With the new version, you can also remotely disable your mobile wallet app from your Google Wallet account on the web.
I chatted with my bank online about the GW and they are not aware of it. So I'm thinking that personally there could be exposure if my account were used fradulently. Meaning that I wouldn't get my money back or the charge reversed. It's an International Bank too.
Lots of banks are well advanced in their thinking on digital wallets and some have made small implementations already. I haven't noted any stories about fraud where the bank has not reimbursed their customer. (Not saying they don't exist, but most cases that reach the news say that the customer has been reimbursed.)