There is no physical difference from a Chip & PIN and Chip and Signature terminal and both can accept both types of cards. Though our terminals in the US also accommodate the electronic pens for signature transactions. But they still have a number pad can be used for either a debit PIN or a Chip & PIN card. The cards themselves are another story and it sucks that most banks want C&S instead. Though all hope isn't lost as Australia went to C&S too until recently when they went to Chip. & PIN.
Other people traveling TO the USA will have no issues using their Chip and PIN here thanks to the PIN pad in the C&S terminals, but we Americans may have some degree of trouble using Chip and Signature abroad. Though Visa and MasterCard are trying to fix that and promised by July of 2015, C&S cards will no longer an issue in those pesky self service kiosks as they'll support "NO CVM", since I doubt they'll incorprate an electronic signature pad in a European train ticket machine anytime soon.
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Your bank will more than likely be paying for Apple Pay if it's going to be the same setup as here in the US. The reduction of fraud alone is worth it to them.
As for store loyalty cards, at least here in the US, you can opt to type in your phone number on the credit card machine instead (I do for Safeway, Walgreens etc). Is this not an option across the pond? This alone reduced my cards down to a drivers license and a backup card.
