This pertains to the USA as we have nothing like this yet. I dont know what you folks in Asia do already as you already use your phones as a payment device.
Right now if my wallet is stolen or my card is swiped and someone goes on a spending spree I am not held liable for the thousands of dollars worth of Xboxes people will buy in Brooklyn.
Say the same thing happens with my (future) NFC Google Wallet enabled cell phone. Will Verizon and such keep me protected as well or if all sorts of crazy charges put on my cell phone bill will they say "Too bad" and make me pay for everything?
Visa, Mastercard, Amex.. they all have crazy complicated fraud detection systems that can usually tell if my card is stolen and someone goes nuts with it. Will Verizon and all of them be required to do the same thing or will it take a customer backlash from fraud charges to get things rolling?