Re: Oh for f*ck's sake...
Except that this isn't really a useful feature.
Unless every retail outlet and purchase point in the UK starts to accept this as a form of payment then it's useless. I'd rather just pull out my card and pay. It's not like a credit card is particularly big thing to carry around. Most people would continue to carry a wallet (you can't keep cash inside the iPhone, the back isn't removable) even if this payment method became ubiquitous.
This isn't something that is genuinely useable and meets the needs of the consumer. It's a manufacturer running out of ideas and looking for gimmicks.
Put it this way, contactless payment has been available for some time in the UK however I'd wager for 95% of your transactions you're still inputting the PIN.
Perhaps the killer usecase is buying the next iFondleslab from the Apple Store :). Saving 2 seconds on checkout for one transaction will be well worth the x minutes / hours to set up this payment method :).