[Nexus 4 Q&A, Help & Troubleshooting] kbeezie:
Logcat of what happens when I click on the wallet app after a fresh install of it.

D/dalvikvm( 8230): GC_CONCURRENT freed 1795K, 21% free 8296K/10460K, paused 2ms+5ms, total 29ms
D/AudioStreamOutALSA( 7703): mHandle->useCase: HiFi Lowlatency
D/ALSAModule( 7703): s_route: devices 0x2 in mode 0
D/ALSAModule( 7703): switchDevice: device 2 mode:0
D/ALSAModule( 7703): No valid input device: 0
D/ALSAModule( 7703): switchDevice,rxDev:Speaker, txDev:(null), curRxDev:Speaker, curTxDev:None
D/alsa_ucm( 7703): snd_use_case_set(): uc_mgr 0x41b102a0 identifier _enadev value Speaker
D/ALSAModule( 7703): switchDevice: curTxUCMDevivce None curRxDevDevice Speaker
D/alsa_ucm( 7703): snd_use_case_set(): uc_mgr 0x41b102a0 identifier _verb value HiFi Lowlatency
D/alsa_ucm( 7703): Set mixer controls for Speaker enable 1
D/ACDB-LOADER( 7703): ACDB -> send_afe_cal
I/ActivityManager( 7938): 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=[14,332][148,500]} from pid 8230
D/alsa_ucm( 7703): Set mixer controls for HiFi Lowlatency enable 1
D/ALSAModule( 7703): Device value returned is hw:0,14
D/ALSAModule( 7703): setHardwareParams: reqBuffSize 1024 channels 2 sampleRate 48000
D/ALSAModule( 7703): setHardwareParams: buffer_size 2048, period_size 1024, period_cnt 2
D/dalvikvm( 7938): GC_FOR_ALLOC freed 519K, 23% free 12054K/15584K, paused 66ms, total 66ms
I/ActivityManager( 7938): Start proc com.google.android.apps.walletnfcrel for activity com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.WalletRootActivity: pid=11749 uid=10063 gids={50063, 3003, 1028}
I/ActivityManager( 7938): START u0 {cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.dashboard.DashboardActivity} from pid 11749
E/DowngradeSafeSQLiteOpenHelper(11749): old version: 0 new version: 25
I/ActivityManager( 7938): START u0 {cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.init.InitializerActivity (has extras)} from pid 11749
I/WalletActivity(11749): onCreate com.google.android.apps.wallet.ui.widgets.AlertBar{40f6d448 G.E..... ......I. 0,0-0,0 #7f0c0205 app:id/AlertBar}
D/libEGL (11749): loaded /system/lib/egl/libEGL_adreno200.so
D/libEGL (11749): loaded /system/lib/egl/libGLESv1_CM_adreno200.so
D/libEGL (11749): loaded /system/lib/egl/libGLESv2_adreno200.so
I/Adreno200-EGL(11749): <eglInitialize:269>: EGL 1.4 QUALCOMM build: Nondeterministic AU_full_mako_PARTNER-ANDROID/JB-MR1-DEV_CL2961380_release_AU (CL2961380)
I/Adreno200-EGL(11749): Build Date: 12/10/12 Mon
I/Adreno200-EGL(11749): Local Branch:
I/Adreno200-EGL(11749): Remote Branch: m/partner-android/jb-mr1-dev
I/Adreno200-EGL(11749): Local Patches: NONE
I/Adreno200-EGL(11749): Reconstruct Branch: NOTHING
D/OpenGLRenderer(11749): Enabling debug mode 0
I/InitializerTaskManagerImpl(11749): submitted [INITIALIZE_TSA, INITIALIZE_SECURE_ELEMENT, CHECK_SECURE_ELEMENT_ID]
I/InitializerTaskManagerImpl(11749): INITIALIZE_TSA: starting
I/NfcExecutionEnvironment(11749): NFCEE.open locked: stack=[SecureElement] openTid=293 nfceeOpened=false tryLock=0ms
I/NfcExecutionEnvironment(11749): NFCEE.open ++: stack=[SecureElement, SecureElement] openTid=293 nfceeOpened=false holdCount=2
I/NfcExecutionEnvironment(11749): NFCEE.open ++: stack=[SecureElement, SecureElement, CardManagerApplet] openTid=293 nfceeOpened=false holdCount=3
D/NfceeAccess( 8216): Granted NFCEE access to com.google.android.apps.walletnfcrel (wildcard)
E/BrcmNfcJni( 8216): SecureElement::nfaHciCallback: unknown event code=0x16 ????
W/BackupManagerService( 7938): dataChanged but no participant pkg='com.android.providers.settings' uid=10032
I/NfcExecutionEnvironment(11749): NFCEE.close --: stack=[SecureElement, SecureElement, CardManagerApplet] openTid=293 nfceeOpened=true holdCount=3
I/NfcExecutionEnvironment(11749): NFCEE.open ++: stack=[SecureElement, SecureElement, CardManagerApplet] openTid=293 nfceeOpened=true holdCount=3
I/NfcExecutionEnvironment(11749): NFCEE.close --: stack=[SecureElement, SecureElement, CardManagerApplet] openTid=293 nfceeOpened=true holdCount=3
I/NfcExecutionEnvironment(11749): NFCEE.close --: stack=[SecureElement, SecureElement] openTid=293 nfceeOpened=true holdCount=2
D/NfcService( 8216): NFC-EE OFF
E/BrcmNfcJni( 8216): nfcManager_doDeselectSecureElement: already deselected
D/NfcService( 8216): NFC-C ON
E/BrcmNfcJni( 8216): nfcManager_enableDiscovery: already polling
I/NfcExecutionEnvironment(11749): NFCEE.close closed: stack=[SecureElement] openTid=293 nfceeOpened=true tryLock=0ms session=122ms
I/ActivityManager( 7938): Start proc com.skcc.gtec.otaproxy for broadcast com.google.android.apps.walletnfcrel/com.skcc.gtec.otaproxy.receiver.WalletReceiver: pid=11775 uid=10063 gids={50063, 3003, 1028}
I/ActivityManager( 7938): Displayed com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.init.InitializerActivity: +365ms (total +840ms)
I/InitializeTsaTask(11749): Checking for SE activation.
W/ActivityManager( 7938): Permission denied: checkComponentPermission() owningUid=10063
W/BroadcastQueue( 7938): 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=8388, uid=10038) is not exported from uid 10063 due to receiver com.google.android.apps.walletnfcrel/com.google.android.c2dm.C2DMBroadcastReceiver
E/TsaRegistrationImpl(11775): Invalid state: Attempting to re-register.
E/BrcmNfcJni( 8216): SecureElement::nfaHciCallback: unknown event code=0x16 ????
D/NfcService( 8216): NFC-EE OFF
E/BrcmNfcJni( 8216): nfcManager_doDeselectSecureElement: already deselected
D/NfcService( 8216): NFC-C ON
E/BrcmNfcJni( 8216): nfcManager_enableDiscovery: already polling
I/InitializeTsaTask(11749): Checking for SE activation.
I/InitializeTsaTask(11749): Checking for SE activation.
W/TsaRequestType(11749): TSA registration failed - code: FAILED
D/alsa_ucm( 7703): snd_use_case_set(): uc_mgr 0x41b102a0 identifier _verb value Inactive
D/alsa_ucm( 7703): Set mixer controls for HiFi Lowlatency enable 0
D/alsa_ucm( 7703): snd_use_case_set(): uc_mgr 0x41b102a0 identifier _disdev value Speaker
D/alsa_ucm( 7703): Set mixer controls for Speaker enable 0
I/InitializeTsaTask(11749): Checking for SE activation.
I/InitializeTsaTask(11749): Done waiting for SE activation. State = SE_ACTIVATION_FAILED
E/InitializerTaskManagerImpl(11749): INITIALIZE_TSA: elapsed=3199ms failed: com.google.android.apps.wallet.init.InitializerTaskDependenciesFailedException: TSA_INIT_NOT_COMPLETE
E/InitializerTaskManagerImpl(11749): INITIALIZE_TSA: waited: failed: com.google.android.apps.wallet.init.InitializerTaskDependenciesFailedException: TSA_INIT_NOT_COMPLETE
E/InitializerTaskManagerImpl(11749): INITIALIZE_SECURE_ELEMENT: aborting; failedDependencies=[INITIALIZE_TSA]
E/InitializerTaskManagerImpl(11749): INITIALIZE_SECURE_ELEMENT: waited: failed: com.google.android.apps.wallet.init.InitializerTaskDependenciesFailedException: [INITIALIZE_TSA]
E/InitializerTaskManagerImpl(11749): CHECK_SECURE_ELEMENT_ID: aborting; failedDependencies=[INITIALIZE_SECURE_ELEMENT]
E/InitializerTaskManagerImpl(11749): CHECK_SECURE_ELEMENT_ID: waited: failed: com.google.android.apps.wallet.init.InitializerTaskDependenciesFailedException: [INITIALIZE_SECURE_ELEMENT]
I/InitializerTaskManagerImpl(11749): removed: [INITIALIZE_TSA, INITIALIZE_SECURE_ELEMENT, CHECK_SECURE_ELEMENT_ID]

Not sure how to fix the SE_ACTIVATION_FAILED state.