After some research I saw a few articles about it on reputable websites like techcrunch and some from CNET authors, and they wouldn't write about it if it was some type of scam.
I signed up for the beta, thanks for the info. Based on the name, I thought it was an Australian offer but it's for the US lol Sounds cool. I wonder what brand is the card? From the picture, seems like a Visa debit card that basically redirects the authorization to one of your existing cards. I wonder how this will work and whether banks will sue. Chargebacks? Disputes? Card present? etc.
It's probably not a visa or a mastercard. In my opinion, without reading most of the site, your credit card is still covering the purchase, so if it selects a visa, that is the card number that goes through, it probably just has a little chip in it that syncs with the data connection in your cell phone or something. It probably isn't backed by visa or MC. Thats just my opinion though, so dont quote me.
We'll just have to wait and see if it pans out. It sounds like a cool concept. The company just opened this week with funding from www.muckerlab.com . I think this business will really take off if they dedicate the man hours to find the best deals consistently.
Here is a link to a better explanation: http://pandodaily.com/2012/06/26/wallaby-launches-the-cloud-wallet-of-today-based-on-a-smart-univers...
PS. It is visa branded