Transaction information - When you use Google Wallet to conduct a transaction, information regarding the transaction may be stored in the Google Wallet Application. We may collect information about these transactions from the Google Wallet Application. We also collect transaction data from your use of the Google Wallet Service. For example, if you use the Google Wallet Application to make a purchase at a merchant or download a merchant coupon, we may obtain information regarding that transaction from the Wallet Application, from the merchant and/or a partner, as applicable. The information may include the date and time of the purchase, the store location, the amount of the purchase, and the offer associated with the transaction.
Information about your use of Google Wallet - We may collect information about your interaction with the Google Wallet Service and the Google Wallet Application. This may include, for example, data on number of offers saved, payment attempts, and provisioning activity. Using added services may require your opt-in consent for Google Wallet to offer the functionality. For example, you may be offered the opportunity to opt-in to a service whereby Wallet would present offers to you based on your transaction activity through Wallet.
"Our goal is to make it possible for you to add all of your payment cards to Google Wallet, so you can say goodbye to even the biggest traditional wallets"
It sounds like they're aiming to be closer to a paypal (or a, ahem, google checkout...) than just an OS hook for other credit card/payment apps.
disclaimer: my knowledge is limited to the content in the linked blog post and yesterday's threads :)
