As previously covered, your Google Wallet PIN can now be compromised on any device - rooted or not. Wallet Cracker, an application developed by Zvelo, can easily unveil your four digit PIN protecting your entire digital wallet. It's a good thing this security firm found the vulnerabilities before a malicious hacker took advantage of them.
Google has now disabled use of prepaid cards to prevent unauthorized use incase your phone falls into the wrong hands. But doesn't this mean debit cards are at risk as well? Fortunately, they are all safe for now - but that's just until someone can manage to expose them too.
Until Google can patch this, you can count on people's trust in the application to slowly deplete. Google also provides "toll-free assistance in case you lose your phone or someone manages to make an unauthorized transaction". But I'm sure Google doesn't want to deal with many angry customers everyday; and based on their quick reply to Google Wallet's vulnerability, we already know they're taking it seriously.