It's not just for Apple Pay. It's one of the main security features of the phone. Before Touch ID I never used a passcode. Now I can unlock my phone instantly and still have it secured.LOL, that's pretty pathetic if you would pass on a phone just because you can't make purchases on it at the less then 30% of retails that still carry it. (That number is probably going to shrink as more people/businesses ditch it and write it off as a failure).
Just an FYI, Cash still works everywhere.