I echo Dan_1776's comments:
This is a huge issue for me personally. I was very excited for Apple Pay, but I am not willing to set up a lock-screen passcode to use it. I always have my phone secured on my person and check it quite often so the value and need for a passcode isn't there for me.
I understand the need for security, but I don't see how a passcode helps. You need to scan your fingerprint anyway to even use the card. It's frankly an unnecessary layer of security, and it should not be required. My assumption is that, to minimize liability, the deals between Apple and the banks and CC networks were contingent on a very risk-averse security standard, resulting in the passcode requirement (read: overblown and non value-add security standard).
If I compare the time I would save pulling out my wallet a few times a day vs. entering a passcode or scanning my fingerprint every single time I want to check my phone, it makes Apple Pay completely irrelevant to me from a convenience standpoint. Apple needs to fix this asap.
Dear folks at Apple: I really want to use Apple Pay, but I will not do so for the reasons mentioned above. Also, if we do have to disable the passcode for some reason, currently all the bank card info is deleted. It would be great if there was some way for the bank card info to be retained, such as having to enter my Apple ID in order for the bank info to be restored.