Well of course the CC companies are hyping it - cheaper for them if they don't have to send out physical cards.

Won't happen

In addition to the major phone brand not adopting it as already mentioned...

Inertia - we still have the cent and dollar bill

Legal - 15 USC § 1643 - Liability of holder of credit card - talks about "the card" not some electronic code.

Contractual - "sight of card" transactions have lower costs because the CCV code is physically on the card not electronic. How do you replicate that?

Distribution - how are you going to get that "card" on your NFC chip

Support - their app has to work on every android phone out there and V/MC become primary support for ANYTHING wrong.