The Google Wallet (GW) FAQ
says the Secure Element (SE) stores a virtual prepaid MasterCard (MC) number belonging to Bancorp. That MC number is then used to link to your credit or debit card(s) through administering them on the GW Website or in the GW app. Charge this virtual MC, it charges your "real" credit card. It's all handled in-store through the NFC device; you don't need data service or WiFi for it to work, so it would seem there's no need to store anything from Google in the SE...just the MC number, encrypted.--
English is a difficult enough language to interpret correctly when its rules are followed, let alone when a writer chooses not to follow those rules.
Jeopardy! replies and randomcaps REALLY suck!