Wallet Setup With The Nexus 4

Since Google Wallet is already installed on the Nexus 4 from the factory, most people have no trouble opening and setting up the application - but for the small amount of people that do have trouble, here's what worked for me:

Does your device keep displaying the following message: "Device Not Ready - Wallet is unable to proceed until this device is fully initialized. Make sure the phone has network access and try rebooting if the problem persists"

Clearing The Data

If this is your first time setting up Google Wallet, and you keep seeing the above error message, then try clearing the data in the application. To do this, go to Settings -> Apps -> All -> Wallet. Then click "Force Stop" in the upper left and "Clear Data". Just click OK, in the next dialog box. Now turn your phone off and then back on again (LOL). Try launching the application again - and don't be afraid to try it several times. For me, the setup initiated on the 3rd time I tried launching the app.

Still Not Working?

For those of you, like myself, that already had Google Wallet set up on another device, you may have to try resetting Google Wallet on the device you will no longer be using. To reset Google Wallet, launch the app, go to settings (from the 3 vertical dots at the top right of the application) and click "Reset Google Wallet app". This will clear all credits cards saved to the application from this device. If you are still unable to launch Google Wallet on your Nexus 4, you may have to wait a few hours. 

Conclusion

The best thing it seems you can do is wait - I had to keep trying for two days. So if it's not working, you may just have to come back to it after a day. Make sure to try clearing the data in the application settings and restart the phone again.