I think in this case, the 'pin' is handled by the authentication on the device itself (not sure about the Watch, but to pay you need to authenticate with FaceID or TouchID before it activates the NFC).I activated it on FNB earlier this week but only had chance to use it yesterday and today.
I've Apple Paid
- Engen for petrol (phone)
- Engen Woolies quickshop (Watch)
- coffee (Watch) and lunch (phone)
- local tuisnywerheid (Watch)
Worked perfectly every time and dare I say seems more responsive than my physical card.
Also interesting that I wasn't asked for a pin once (and petrol was close to R1000).
I'd imagine with the Watch, since it will automatically lock itself when it's taken off your wrist - so unlikely a bad actor is going to be able to activate it.