Earlier quoted context omitted.
This is currently hung on the SIM. Couldn't it just as well be hung on a web service, or paypal account? Why make it physical? This screams for virtualization.
The nice thing about having a physical object is that I can hand it easily to someone else, I can destroy it, I can save it, and I can do all these things when my service provider has disconnected me.
Same with an independent cloud service.
There HAS to be a better way than carrying around a legacy device.