See UK Mobile Operators Form Joint Venture to Smooth NFC Rollouts
The joint venture also specifys that secure applications be loaded on NFC-enabled SIM cards the telcos will issue. Google thinks the credentials should be loaded onto the phone using the device memory, of course. See http://www.google.com/wallet/how-it-works-security.html. At stake is control of the credentials loading process, which provides an element of control or relevance in the payment ecosystem.