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I think your point is well made. For sure the industry can do more, but in many ways mobile wallets are a step forward from a physical wallet or purse.
In reading this though, the thing that struck me was your phrase "there is nothing stopping a criminal from making purchases immediately".
Now why is that? Simply because for CNP transactions - you only need details easily found on the card.
So whether it's a physical or mobile wallet - the real issue here is how easy it is to do transactions with nothing more than card details.
There needs to be more done to authenticate the person performing the transaction as being the actual owner of the wallet or card. The technology and ability is there - it simply needs to be used.
You can have your mobile wallet and lose it too:
The Clear And Present Danger With NFC Payments
There's no such risk with a physical wallet.