Great question! I work on Bitkey, so I can provide some clarification. 

The term 'Secure Element' typically refers to chips found in smart cards that pass security certifications such as Common Criteria. They have a variety of security features such as tamper resistance, secure key storage, etc. 

Our processor isn't a Secure Element in that sense, but it has a very similar set of security features. Happy to discuss further if you have any questions! 

 Thanking you ! Cannae zap ye! Also, how would one use multiple Bitkeys? 

 Multiple Bitkeys as part of a larger k/N multisig quorum isn't directly supported -- only the default 2/3 multisig split across (app, server, hardware).  

 It would not be for multisig… it would be for “multiple btc” accounts 

 So, multiple bitkeys controlled by one iPhone / iCloud account 

 Ah, so do you mean like having separate bitkeys to support different wallets, but on the same phone and iCloud account? That wouldn't work if using the same iCloud account 

 It would be pretty cool to keep funds segregated. All eggs one basket is what I want to avoid along with keeping btc separated by owner, in this case, minors or others who receive the funds later 

 The mobile app has a daily spending limit. To spend large amounts you have to have the bitkey hockey puck.