I was under the impression that Google had explained what the Secure Element was doing and why it was necessary to be locked-down. I have not bothered to follow this too closely, but it would seem that Verizon would know exactly what it was capable of doing and exactly why, as they use it themselves, now.
In the end, this is all just one big, ugly battle to tap into the credit card industry's lucrative customer base. Honesty and scruples need not apply.
Let the battle begin..er..continue!
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