In its current state, Google Wallet is a handy mobile payment system that lets you buy things with your NFC-enabled smartphone. In the future, Google would like Wallet to replace more than just your cash and credit cards. The company wants Wallet to be your "primary transaction device" for everything.
Similar to Apple's Passbook feature in iOS 6, Google wants Wallet to store boarding passes, concert/movie tickets, gift cards, coupons and everything else you typically find hidden in a wallet.
MobileBurn's Andrew Kameka notes that Robin Dua, Google's head of product management for Google Wallet is gunning to make the wallet completely obsolete in the future. According to Dua:
"One of the types of things we're trying to do is make it easy for airlines, transit providers, and other types of issuers of credentials to make it super simple for them to get their credentials stored in the wallet& That's the goal. We want you to be able to leave your leather wallet at home and carry your phone and transact with that as your primary transaction device."
Like Passbook, Wallet's beefed up features would utilize location-based data to determine how to respond accordingly. For example, if you're in a Starbucks, your phone might automatically bring up your gift card; if you just arrived at the airport, it might bring up your boarding pass.
Ultimately, Google wants Wallet to make lives easier by allowing people to "skip the lines" at certain places and get going to whatever they need to do or wherever they need to be.
Now, Dua didn't outline when Wallet would get these updated features, but given Google's competitive spirit, we expect a Passbook rival to be right around the corner.