[Droid RAZR M General] Syphen5:
I know that there have been a bunch of discussions in the Q&A threads about this, but I figured with CM 10.1 being official now and a bunch of other 4.2 roms working it was about time we started diving into this issue.

I am running the 2013-08-04 CM 10.1 Official Nightly, with Xposed Installer and Google Wallet Root and Region Check Remover module. Here is the logcat from when I try to load up Wallet that has been installed from the Play store.

I/ActivityManager( 716): START u0 {act=android.intent.action.MAIN cat=[android.intent.category.LAUNCHER] flg=0x10200000 cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.WalletRootActivity} from pid 1176
D/dalvikvm( 716): GC_FOR_ALLOC freed 450K, 21% free 10479K/13140K, paused 82ms, total 82ms
I/ActivityManager( 716): Start proc com.google.android.apps.walletnfcrel for activity com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.WalletRootActivity: pid=4612 uid=10137 gids={50137, 3003, 1028}
D/dalvikvm( 294): GC_EXPLICIT freed 39K, 79% free 2371K/10788K, paused 1ms+8ms, total 31ms
D/dalvikvm( 294): GC_EXPLICIT freed <1K, 79% free 2371K/10788K, paused 1ms+1ms, total 28ms
D/dalvikvm( 294): GC_EXPLICIT freed <1K, 79% free 2371K/10788K, paused 1ms+5ms, total 37ms
I/ActivityManager( 716): START u0 {cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.dashboard.DashboardActivity} from pid 4612
I/ActivityManager( 716): START u0 {cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.init.InitializerActivity (has extras)} from pid 4612
I/WalletActivity( 4612): onCreate com.google.android.apps.wallet.ui.widgets.AlertBar{419e18d0 G.E..... ......I. 0,0-0,0 #7f0c0205 app:id/AlertBar}
D/libEGL ( 4612): loaded /system/lib/egl/libEGL_adreno200.so
D/libEGL ( 4612): loaded /system/lib/egl/libGLESv1_CM_adreno200.so
D/libEGL ( 4612): loaded /system/lib/egl/libGLESv2_adreno200.so
I/Adreno200-EGL( 4612): <qeglDrvAPI_eglInitialize:269>: EGL 1.4 QUALCOMM build: AU_LINUX_ANDROID_JB_VANILLA.04.02.02.60.051_msm8960_JB_VANILLA_CL2997615_release_AU (CL2997615)
I/Adreno200-EGL( 4612): Build Date: 04/11/13 Thu
I/Adreno200-EGL( 4612): Local Branch:
I/Adreno200-EGL( 4612): Remote Branch: quic/mako_jb_mr1
I/Adreno200-EGL( 4612): Local Patches: NONE
I/Adreno200-EGL( 4612): Reconstruct Branch: AU_LINUX_ANDROID_JB_VANILLA.04.02.02.60.051 + NOTHING
D/OpenGLRenderer( 4612): Enabling debug mode 0
E/DowngradeSafeSQLiteOpenHelper( 4612): old version: 0 new version: 25
I/ActivityManager( 716): Displayed com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.init.InitializerActivity: +321ms (total +985ms)
I/InitializerTaskManagerImpl( 4612): submitted [INITIALIZE_TSA, INITIALIZE_SECURE_ELEMENT, CHECK_SECURE_ELEMENT_ID]
I/InitializerTaskManagerImpl( 4612): INITIALIZE_TSA: starting

And this is what happens when I start Wallet on my Nexus 7 (Older model) running stock 4.3 rooted.

I/ActivityManager( 442): START u0 {act=android.intent.action.MAIN cat=[android.intent.category.LAUNCHER] flg=0x10200000 cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.WalletRootActivity bnds=[656,755][784,883]} from pid 678
I/ActivityManager( 442): START u0 {cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.dashboard.DashboardActivity} from pid 16776
D/dalvikvm(16776): GC_CONCURRENT freed 281K, 5% free 7974K/8316K, paused 4ms+17ms, total 74ms
D/dalvikvm(16776): WAIT_FOR_CONCURRENT_GC blocked 5ms
D/dalvikvm(16776): GC_CONCURRENT freed 305K, 5% free 8124K/8492K, paused 5ms+8ms, total 39ms
I/ActivityManager( 442): START u0 {cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.init.InitializerActivity (has extras)} from pid 16776
I/WalletActivity(16776): onCreate com.google.android.apps.wallet.ui.widgets.AlertBar{421e4110 G.E..... ......I. 0,0-0,0 #7f0c0205 app:id/AlertBar}
D/libEGL (16776): loaded /system/lib/egl/libEGL_tegra.so
D/libEGL (16776): loaded /system/lib/egl/libGLESv1_CM_tegra.so
I/InitializerTaskManagerImpl(16776): submitted [CHECK_BOOT_TASKS_COMPLETE, GET_ENVIRONMENT_INFO, START_PREFETCH_IMAGE_SERVICE, INITIALIZE_MIFARE_IF_NEEDED, INITIALIZE_SHARED_PREFERENCES, START_ACCOUNT_VERIFICATION, ENABLE_CARD_EMULATION, SYNC_WALLET, SCHEDULE_WALLET_C2DM_REGISTRATION_SERVICE, DEPROVISION_LEGACY_APPLETS, ENSURE_HAS_CDP_PROFILE, INTIALIZE_NFC_ENABLED]
I/InitializerTaskManagerImpl(16776): CHECK_BOOT_TASKS_COMPLETE: starting
I/InitializerTaskManagerImpl(16776): CHECK_BOOT_TASKS_COMPLETE: elapsed=1ms finished
I/InitializerTaskManagerImpl(16776): waited [CHECK_BOOT_TASKS_COMPLETE]
I/InitializerTaskManagerImpl(16776): GET_ENVIRONMENT_INFO: starting
I/InitializerTaskManagerImpl(16776): GET_ENVIRONMENT_INFO: elapsed=0ms finished
I/InitializerTaskManagerImpl(16776): START_PREFETCH_IMAGE_SERVICE: starting
I/InitializerTaskManagerImpl(16776): START_PREFETCH_IMAGE_SERVICE: elapsed=3ms finished
I/InitializerTaskManagerImpl(16776): INITIALIZE_MIFARE_IF_NEEDED: starting
I/NfcExecutionEnvironment(16776): NFCEE.open locked: stack=[INITIALIZE_MIFARE_IF_NEEDED] openTid=4699 nfceeOpened=false tryLock=0ms
I/NfcExecutionEnvironment(16776): NFCEE.open ++: stack=[INITIALIZE_MIFARE_IF_NEEDED, MifareManagerImpl] openTid=4699 nfceeOpened=false holdCount=2
I/NfcExecutionEnvironment(16776): NFCEE.open ++: stack=[INITIALIZE_MIFARE_IF_NEEDED, MifareManagerImpl, MifareApplet] openTid=4699 nfceeOpened=false holdCount=3
D/libEGL (16776): loaded /system/lib/egl/libGLESv2_tegra.so
D/NfceeAccess( 665): Granted NFCEE access to com.google.android.apps.walletnfcrel (wildcard)
D/dalvikvm(16776): GC_CONCURRENT freed 227K, 4% free 8334K/8624K, paused 3ms+2ms, total 74ms
D/OpenGLRenderer(16776): Enabling debug mode 0
I/ActivityManager( 442): Displayed com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.init.InitializerActivity: +476ms (total +863ms)
I/NfcExecutionEnvironment(16776): NFCEE.close --: stack=[INITIALIZE_MIFARE_IF_NEEDED, MifareManagerImpl, MifareApplet] openTid=4699 nfceeOpened=true holdCount=3
I/NfcExecutionEnvironment(16776): NFCEE.close --: stack=[INITIALIZE_MIFARE_IF_NEEDED, MifareManagerImpl] openTid=4699 nfceeOpened=true holdCount=2
D/NfcService( 665): NFC-EE ON
D/NfcService( 665): NFC-C ON
I/NfcExecutionEnvironment(16776): NFCEE.close closed: stack=[INITIALIZE_MIFARE_IF_NEEDED] openTid=4699 nfceeOpened=true tryLock=0ms session=520ms
I/InitializerTaskManagerImpl(16776): INITIALIZE_MIFARE_IF_NEEDED: elapsed=523ms finished
I/InitializerTaskManagerImpl(16776): INITIALIZE_SHARED_PREFERENCES: starting
I/InitializerTaskManagerImpl(16776): INITIALIZE_SHARED_PREFERENCES: elapsed=1ms finished
I/InitializerTaskManagerImpl(16776): START_ACCOUNT_VERIFICATION: starting
D/dalvikvm(16776): GC_CONCURRENT freed 372K, 5% free 8386K/8828K, paused 3ms+9ms, total 66ms
I/InitializerTaskManagerImpl(16776): START_ACCOUNT_VERIFICATION: elapsed=216ms finished
I/InitializerTaskManagerImpl(16776): ENABLE_CARD_EMULATION: starting
I/NfcAdapterExtras(16776): Wakelock WakeLock{421d9830 held=false, refCount=0} acquired 1375734091229 ms
D/NfcService( 665): NFC-EE ON
D/NfcService( 665): NFC-C ON
I/NfcAdapterExtras(16776): Wakelock WakeLock{421d9830 held=false, refCount=0} released 1375734091302 ms elapsed 73 ms
I/NfcAdapterExtras(16776): Wakelock WakeLock{421d9830 held=false, refCount=0} acquired 1375734091304 ms
I/NfcAdapterExtras(16776): Wakelock WakeLock{421d9830 held=false, refCount=0} released 1375734091310 ms elapsed 6 ms
I/InitializerTaskManagerImpl(16776): ENABLE_CARD_EMULATION: elapsed=83ms finished
I/InitializerTaskManagerImpl(16776): SYNC_WALLET: starting
I/InitializerTaskManagerImpl(16776): SYNC_WALLET: elapsed=5ms finished
I/InitializerTaskManagerImpl(16776): SCHEDULE_WALLET_C2DM_REGISTRATION_SERVICE: starting
I/InitializerTaskManagerImpl(16776): SCHEDULE_WALLET_C2DM_REGISTRATION_SERVICE: elapsed=0ms finished
I/InitializerTaskManagerImpl(16776): DEPROVISION_LEGACY_APPLETS: starting
I/InitializerTaskManagerImpl(16776): DEPROVISION_LEGACY_APPLETS: elapsed=0ms finished
I/InitializerTaskManagerImpl(16776): ENSURE_HAS_CDP_PROFILE: starting
I/InitializerTaskManagerImpl(16776): ENSURE_HAS_CDP_PROFILE: elapsed=0ms finished
I/InitializerTaskManagerImpl(16776): INTIALIZE_NFC_ENABLED: starting
I/InitializerTaskManagerImpl(16776): INTIALIZE_NFC_ENABLED: elapsed=0ms finished
I/InitializerTaskManagerImpl(16776): waited [CHECK_BOOT_TASKS_COMPLETE, GET_ENVIRONMENT_INFO, START_PREFETCH_IMAGE_SERVICE, INITIALIZE_MIFARE_IF_NEEDED, INITIALIZE_SHARED_PREFERENCES, START_ACCOUNT_VERIFICATION, ENABLE_CARD_EMULATION, SYNC_WALLET, SCHEDULE_WALLET_C2DM_REGISTRATION_SERVICE, DEPROVISION_LEGACY_APPLETS, ENSURE_HAS_CDP_PROFILE, INTIALIZE_NFC_ENABLED]
I/ActivityManager( 442): START u0 {cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.dashboard.DashboardActivity} from pid 16776
I/WalletActivity(16776): onCreate com.google.android.apps.wallet.ui.widgets.AlertBar{422015a0 G.E..... ......I. 0,0-0,0 #7f0c0205 app:id/AlertBar}
I/ActivityManager( 442): START u0 {flg=0x24000000 cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.dashboard.TabbedDashboardActivity (has extras)} from pid 16776
I/WalletActivity(16776): onCreate com.google.android.apps.wallet.ui.widgets.AlertBar{4224ea08 G.E..... ......I. 0,0-0,0 #7f0c0205 app:id/AlertBar}
D/dalvikvm(16776): GC_CONCURRENT freed 252K, 4% free 8580K/8896K, paused 3ms+7ms, total 35ms
D/dalvikvm(19726): GC_CONCURRENT freed 761K, 8% free 10265K/11092K, paused 4ms+6ms, total 47ms
I/ActivityManager( 442): START u0 {flg=0x20000000 cmp=com.google.android.apps.walletnfcrel/com.google.android.apps.wallet.ui.pin.PinActivity (has extras)} from pid 16776
I/WalletActivity(16776): onCreate com.google.android.apps.wallet.ui.widgets.AlertBar{4224f7f0 G.E..... ......I. 0,0-0,0 #7f0c0205 app:id/AlertBar}