This does look interesting, but TBH, I don't think its the end of credit cards per-se. One main reason:
What if my phone's battery is dead ? Does that mean I can't buy anything ? What happens in an emergency ? Credit cards are easy as they're quite low tech physically (a magnetic strip, a chip and some plastic).
Other things would be stuff like: not everyone has a phone, but would still like a credit card, etc. There are countries where phone penetration (and not even smart phone) is not very high, but the population still need to have credit cards.
Granted, I can see it being used as an alternative, but doubt it will be the "end of credit cards"