Product description describes remotely wiping from your mobile phone ... How do they propose doing that ?
It appears that your data is stored on your phone. So I think that the sentence "Completely wipe your card data from your phone." doesn't mean that you will remotely delete data from your lost card using your phone but delete data from your lost phone using some other device. But yeah, it is very ambiguous.
So if you set an hour, if your card hasn't been paired with your phone in over an hour it can erase itself. The phone probably rewrites the data as soon as it identifies the card again and the pin is entered.