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Depends on implementation.

NFC has that "secure element" thingy, that is, a TPM, like a SIM card. Implementations may vary. I'm unaware on actual Google Wallet NFC implementation, but I heard rumors (which are not certain by any means) at least Samsung had some hardware-assisted keystore. And I doubt Visa or MasterCard would permit Android vendors to do things on a phone's base OS a manner that could be exploited with a software hack.

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The card details were stored on the secure element but the pin was not and because the authentication is not done using the secure element it is trivial to bypass: http://cybersecurity.mit.edu/2012/10/google-wallet-overview-...

The current implementation of Google wallet stores your card details in a google server which protects against these attacks but is not a viable business model (google are making a loss on every transaction since they pay it and then bill the customer themselves).

I suspect they consider it a worthwhile cost to get their hands on a persons complete transaction history

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