Did you get this figured out? I purchased an item today from CVS, and then decided I didn't want the PIN on my phone, so I went ahead and Reset the app, then I started getting that "Secure Element" error. I've been reading that once you get that, it also blocks/disables Android Beam. Can anyone confirm this? And is there a way to get back or unlock the secure element?
Galaxy Nexus LTE 4.0.2 unrooted/stock/locked
How did you reset the app? Can you clarify exactly what transpired prior to your getting the 'secure element' error?