I've spent some time thinking about this, and I can't seem to figure out how the Apple Watch will work with Apple Pay - specifically with the iPhone 5/5S. I understand that it will have an NFC chip in it, but how will the authentication work? I figure that the iPhone 5S/6/6S can authenticate via Touch ID, and the watch will only be authenticated until you remove it from your wrist, at which point I assume you will have to re-authenticate upon putting the watch back on. But how will authentication work with the iPhone 5 for Apple Pay? Thoughts?