Leo says yes. In the past, you could only use it for loyalty cards and airpline boarding passes. But with Apple turning on Apple Pay, you can store credit card numbers securely. Google Wallet is more like iTunes, where they have your information, they debit it. And yes, it's very safe because it's encrypted.
Leo says that ultimately, all phones will have this capability thorugh a fingerprint reader. And the nice thing about Apple Pay is that if the phone gets stolen, you don't have to cancel your credit cards, you just suspend the charing priviledges of the phone through Find My iPhone. And they'd have to have your finger in order to access it anyway.