this is an awesome point I didn't even consider. I use AndroidLost and am able to remote wipe my phone at anytime from a browser. Now that I think about it, I would much rather be able to use my phone for payments with this ability, than to carry a physical card and risk losing it or leaving it somewhere. Yes I make backups of my phone using custom recovery ( clockworkMod Recovery).

You know you have your credit card blocked with one phone call, right? And that those not relay on it being on and having internet connection.

why even bother thats the point. With a regular credit card, you'll have to request a new card and number, wait for it in the mail, and now change all your accounts that are associated with it. With my phone, remotely wipe my sd card / lock out my phone. Track it down, and restore. Much easier. I have missplaced my credit card before, and the loss of my phone is more noticeable and quicker in general than my credit card that I didn't realize was missing till the next time I went to use it.

I have three credit cards, and two gift cards in there. That's a minimum of three calls, the numbers for which I have to find and call and sit through what is probably an automated system.

Sure, it's a first world problem. But that's where I live, and those are the problems I'd like solved.