When we discovered that Verizon was not allowing access to Google Wallet on the new Galaxy Nexus, many were disappointed. Luckily, owners of an LTE Galaxy Nexus can easily access the service in a few short steps without having to root. (If you are not in the United States, your device will need to be rooted.) Lukegb from XDA broke down how to do it:
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(Note: If you have previously used .Zip method to install Google Wallet, you will have to return to a prior backup before following the APK installation instructions below.)
Download and save the Google Wallet APK to the device.
Open the Wallet APK on the smartphone using ASTRO/File Expert/Root Explorer/the download manager.
Now open Wallet, and it should correctly authorize.
Secure Element not responding!
If you have a Nandroid backup of a version of Wallet that worked, try restoring to it. Otherwise, you are out-of-luck, unless you get a new device, because the Secure Element in your phone has locked.
Insufficient Privileges. Insufficient secure element privileges for this system image (release-keys)
Err, what? This should only occur if you previously used the ZIP method. If so, you will need to manually restore the old versions of the files.
This can be achieved by either restoring a Nandroid backup from before or by following instructions in this post.