Google Wallet has come a long way. The last time we talked about a major update to the app, it was when Google moved all of the data to the cloud, which removed the security worries that various banks had, so all major credit cards could then be used. But, the app still required devices with NFC chips, which led to very limited device compatibility...
Source: http://www.phonearena.com/news/Google-Wallet-update-moves-away-from-NFC-to-loyalty-and-offers-now-compatible-with-all-Android-devices_id47532
Source: http://www.phonearena.com/news/Google-Wallet-update-moves-away-from-NFC-to-loyalty-and-offers-now-compatible-with-all-Android-devices_id47532