While I can see this being quite handy, I wonder who's going to police the phishing scams. Personally, I never click a link in an email that says I owe someone money, even if it appears to be from my cable company, Verizon, or other creditors. Even if I KNOW that I have a bill coming due for that service. I either pay through my bank account, or launch my browser and go directly to that company's website.
We've already seen plenty of cases where someone fakes an email from a company that looks completely legit until you really start to dig into it. Who's liable in the case that one of these emails fools google into believing you need to pay this person if you don't catch their mistake and go ahead and send money to the wrong party?
I'm all for convenience, but I'm not sure I could be an early adopter for something like this, even if I only had a Google Wallet balance that it pulled from and not my bank account. My cheapest bill each month is still around $100 and I can't afford to send that $100 to an illegitimate collector and still be able to pay my real bill when the mistake is realized.