Source: The Register
by Bill Ray
In this article “Turns out it’s not necessary to decrypt the PIN, or even hack into Google’s Wallet, just ask the phone nicely and it will let anyone root though its innards.
… Run the Google Wallet after removing its data and it assumes it is being run for the first time, and dutifully asks the user to create a PIN. Then ask it to add a prepaid card and it happily finds one already installed in the Secure Element and readies it for use.”