Yes, I noticed the switch in arguments...
And, no one has proven that it reduces risk... we haven't even seen this thing in the wild for a week yet. Nobody had hacked into credit cards on day 4 or 5 yet either.
You know, storing credit cards / access to credit cards in a wireless phone, and transmitting those transactions wirelessly... yeah I don't think so. My phone holds no financial information... likewise, I don't store it on my computer.
Every year, someone makes some promise about new security measures, it never pans out. Like everything that has come before it, Apple uses a bunch of words and theories that the public buys into. Sounds great as it passes through your ears. But, it's only a matter of time before it proves to be as susceptible as anything else. And, probably more so.
Don't store information in your phone, don't store it on your computer. Those are the easiest ways to give away access to those who care to spend enough time to find a way in.
Read up on how it works.
Your credit card isn't on the phone period. The information that is used is only good for that specific transaction.