THe iphone doesn't even have NFC, it's playing catchup to android. Android is where the revolution is. And don't tell me NFC is useless when you iFans probably don't even know what NFC tags are.
NFC is overrated. That's what it is.
First of all, it's not accepted everywhere.
Secondly, you need to pull out your phone, unlock it, unlock the app, pick the CC to use. One can do that with a wallet just as quickly.
Thirdly, you need to carry your wallet still because you're not going to go completely cashless or completely without an ATM card. Maybe if you KNEW you were just going to the drug store and that's the only stop, but it's not going to change how you go out with your friends for a day.
Fourth, you're going to have idiots standing in line using their phone til its time to check out. You expect everyone to have their NFC app opened, CC selected, ready to go the minute it's time for them? I bet you not. I wonder why there are stores that tell you not to use your phone in line, because you'll be unaware your surroundings and you're likely to hold up the line when it's your turn.
Fifth, all the proponents of NFC on this board cited Asia. Do you even know how Asia uses NFC? I've been to Hong Kong, Taiwan, China, South Korea, and Japan, which all use NFC. They use them in subway cards. How many people there swipe their credit cards at 7-11s? McDonalds? Practically NO ONE. You need cash to get around there. Your NFC on your Android phone is not going to work with a subway card. BTW, those subway cards are so popular they accept them at McDonalds and many other stores. But they function like debit cards essentially there, but obviously don't operate using the same protocol as a Visa debit. So once agian. Good luck on using your Galaxy Nexus in Taiwan to get on the subway.
Sixth, it's a gimmick feature. I wouldn't mind having it on my phone, but I used a Nexus S for a year. It doesn't even officially support Wallet, and when I tried to sideload it, I got some stupid carrier not allowed crap.
Maybe what I'm speaking out against is NFC in its current state, but given how it is right now, I don't think it shows itself as very promising in general.