Wallet and Watch: The Perfect Pair?

We all know Google is trying to push Google Wallet and removed the need for a secure element. So a smart watch doing nfc payments would make so much sense. It's not carrier controlled yet unlike Nexus phones, it doesn't compete with carrier subsidized devices. It could be a cheap accessory, and since it's always out on your wrist, there would be one less step to make a mobile payment (taking the phone out). Wouldn't this make a lot of sense?