[Nexus 4 Q&A, Help & Troubleshooting] kbeezie:
Resetting does not appear to fix it, clearing data/cache, reinstalling so forth does not appear to fix it.

Upon starting it with cleared data this is the logcat output:

D/dalvikvm( 1064): GC_FOR_ALLOC freed 884K, 23% free 8985K/11560K, paused 17ms, total 18ms
I/dalvikvm-heap( 1064): Grow heap (frag case) to 10.909MB for 109056-byte allocation
D/dalvikvm( 1064): GC_FOR_ALLOC freed 8K, 23% free 9083K/11668K, paused 24ms, total 24ms
I/dalvikvm-heap( 1064): Grow heap (frag case) to 11.004MB for 109056-byte allocation
I/ActivityManager( 561): START u0 {act=android.intent.action.MAIN cat=[android.intent.category.LAUNCHER] flg=0x10200000 pkg=com.google.android.apps.walletnfcrel cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.WalletRootActivity bnds=[9,406][134,574]} from pid 1064
I/ActivityManager( 561): Start proc com.google.android.apps.walletnfcrel for activity com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.WalletRootActivity: pid=6512 uid=10037 gids={50037, 3003, 1028}
I/ActivityManager( 561): START u0 {cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.dashboard.DashboardActivity} from pid 6512
E/DowngradeSafeSQLiteOpenHelper( 6512): old version: 0 new version: 25
I/ActivityManager( 561): START u0 {cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.init.InitializerActivity (has extras)} from pid 6512
I/WalletActivity( 6512): onCreate com.google.android.apps.wallet.ui.widgets.AlertBar{41302730 G.E..... ......I. 0,0-0,0 #7f0c0205 app:id/AlertBar}
D/libEGL ( 6512): loaded /system/lib/egl/libEGL_adreno200.so
D/libEGL ( 6512): loaded /system/lib/egl/libGLESv1_CM_adreno200.so
D/libEGL ( 6512): loaded /system/lib/egl/libGLESv2_adreno200.so
I/Adreno200-EGL( 6512): <eglInitialize:269>: EGL 1.4 QUALCOMM build: Nondeterministic AU_full_mako_PARTNER-ANDROID/JB-MR1-DEV_CL2961380_release_AU (CL2961380)
I/Adreno200-EGL( 6512): Build Date: 12/10/12 Mon
I/Adreno200-EGL( 6512): Local Branch:
I/Adreno200-EGL( 6512): Remote Branch: m/partner-android/jb-mr1-dev
I/Adreno200-EGL( 6512): Local Patches: NONE
I/Adreno200-EGL( 6512): Reconstruct Branch: NOTHING
D/OpenGLRenderer( 6512): Enabling debug mode 0
W/BackupManagerService( 561): dataChanged but no participant pkg='com.android.providers.settings' uid=10032
I/InitializerTaskManagerImpl( 6512): submitted [INITIALIZE_TSA, INITIALIZE_SECURE_ELEMENT, CHECK_SECURE_ELEMENT_ID]
I/InitializerTaskManagerImpl( 6512): INITIALIZE_TSA: starting
I/NfcExecutionEnvironment( 6512): NFCEE.open locked: stack=[SecureElement] openTid=365 nfceeOpened=false tryLock=0ms
I/NfcExecutionEnvironment( 6512): NFCEE.open ++: stack=[SecureElement, SecureElement] openTid=365 nfceeOpened=false holdCount=2
I/NfcExecutionEnvironment( 6512): NFCEE.open ++: stack=[SecureElement, SecureElement, CardManagerApplet] openTid=365 nfceeOpened=false holdCount=3
D/NfceeAccess( 1034): Granted NFCEE access to com.google.android.apps.walletnfcrel (wildcard)
I/ActivityManager( 561): Displayed com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.init.InitializerActivity: +302ms (total +1s382ms)
E/BrcmNfcJni( 1034): SecureElement::nfaHciCallback: unknown event code=0x16 ????
I/NfcExecutionEnvironment( 6512): NFCEE.close --: stack=[SecureElement, SecureElement, CardManagerApplet] openTid=365 nfceeOpened=true holdCount=3
I/NfcExecutionEnvironment( 6512): NFCEE.open ++: stack=[SecureElement, SecureElement, CardManagerApplet] openTid=365 nfceeOpened=true holdCount=3
I/NfcExecutionEnvironment( 6512): NFCEE.close --: stack=[SecureElement, SecureElement, CardManagerApplet] openTid=365 nfceeOpened=true holdCount=3
I/NfcExecutionEnvironment( 6512): NFCEE.close --: stack=[SecureElement, SecureElement] openTid=365 nfceeOpened=true holdCount=2
D/NfcService( 1034): NFC-EE OFF
E/BrcmNfcJni( 1034): nfcManager_doDeselectSecureElement: already deselected
D/NfcService( 1034): NFC-C ON
E/BrcmNfcJni( 1034): nfcManager_enableDiscovery: already polling
I/NfcExecutionEnvironment( 6512): NFCEE.close closed: stack=[SecureElement] openTid=365 nfceeOpened=true tryLock=0ms session=131ms
I/ActivityManager( 561): Start proc com.skcc.gtec.otaproxy for broadcast com.google.android.apps.walletnfcrel/com.skcc.gtec.otaproxy.receiver.WalletReceiver: pid=6549 uid=10037 gids={50037, 3003, 1028}
I/InitializeTsaTask( 6512): Checking for SE activation.
W/ActivityManager( 561): Permission denied: checkComponentPermission() owningUid=10037
W/BroadcastQueue( 561): Permission Denial: broadcasting Intent { act=com.google.android.c2dm.intent.REGISTRATION flg=0x10 pkg=com.google.android.apps.walletnfcrel (has extras) } from com.google.android.gsf (pid=1138, uid=10038) is not exported from uid 10037 due to receiver com.google.android.apps.walletnfcrel/com.google.android.c2dm.C2DMBroadcastReceiver
E/TsaRegistrationImpl( 6549): Invalid state: Attempting to re-register.
D/dalvikvm( 1138): GC_EXPLICIT freed 1003K, 73% free 2897K/10456K, paused 1ms+4ms, total 35ms
E/BrcmNfcJni( 1034): SecureElement::nfaHciCallback: unknown event code=0x16 ????
D/NfcService( 1034): NFC-EE OFF
E/BrcmNfcJni( 1034): nfcManager_doDeselectSecureElement: already deselected
D/NfcService( 1034): NFC-C ON
E/BrcmNfcJni( 1034): nfcManager_enableDiscovery: already polling
D/S3Signer( 2064): Calculated string to sign:
D/S3Signer( 2064): "PUT
D/S3Signer( 2064): DnzKE8wVp9RRjdmZExSfGQ==
D/S3Signer( 2064): application/octet-stream
D/S3Signer( 2064): Wed, 19 Jun 2013 00:54:20 GMT
D/S3Signer( 2064): x-amz-security-token:[Token Redacted]
D/S3Signer( 2064): /s3-us-east-dmz/0ec3c4f356712c23aa428502a2f36cecca15618a"
I/InitializeTsaTask( 6512): Checking for SE activation.
I/ActivityManager( 561): No longer want com.android.gallery3d (pid 4080): empty #17
W/TsaRequestType( 6512): TSA registration failed - code: FAILED
I/InitializeTsaTask( 6512): Checking for SE activation.
I/InitializeTsaTask( 6512): Done waiting for SE activation. State = SE_ACTIVATION_FAILED
E/InitializerTaskManagerImpl( 6512): INITIALIZE_TSA: elapsed=2191ms failed: com.google.android.apps.wallet.init.InitializerTaskDependenciesFailedException: TSA_INIT_NOT_COMPLETE
E/InitializerTaskManagerImpl( 6512): INITIALIZE_TSA: waited: failed: com.google.android.apps.wallet.init.InitializerTaskDependenciesFailedException: TSA_INIT_NOT_COMPLETE
E/InitializerTaskManagerImpl( 6512): INITIALIZE_TSA: waited: failed: com.google.android.apps.wallet.init.InitializerTaskDependenciesFailedException: TSA_INIT_NOT_COMPLETE
E/InitializerTaskManagerImpl( 6512): INITIALIZE_SECURE_ELEMENT: aborting; failedDependencies=[INITIALIZE_TSA]
E/InitializerTaskManagerImpl( 6512): INITIALIZE_SECURE_ELEMENT: waited: failed: com.google.android.apps.wallet.init.InitializerTaskDependenciesFailedException: [INITIALIZE_TSA]
E/InitializerTaskManagerImpl( 6512): INITIALIZE_SECURE_ELEMENT: waited: failed: com.google.android.apps.wallet.init.InitializerTaskDependenciesFailedException: [INITIALIZE_TSA]
E/InitializerTaskManagerImpl( 6512): CHECK_SECURE_ELEMENT_ID: aborting; failedDependencies=[INITIALIZE_SECURE_ELEMENT]
E/InitializerTaskManagerImpl( 6512): CHECK_SECURE_ELEMENT_ID: waited: failed: com.google.android.apps.wallet.init.InitializerTaskDependenciesFailedException: [INITIALIZE_SECURE_ELEMENT]
I/InitializerTaskManagerImpl( 6512): removed: [INITIALIZE_TSA, INITIALIZE_SECURE_ELEMENT, CHECK_SECURE_ELEMENT_ID]

Can't just restore from TiB again because I've disabled it from the web, so I'd have to restore Stock, install it, and take another backup again for it to work.