If you don’t need a PIN for your card in Apple Wallet and don’t need a PIN to use Apple Wallet, how is that safe?

I’ve just added a card to my Apple Wallet and noticed that I didn’t need a PIN. Now since Apple Wallet is apparently already "secure", I don’t need a PIN to use it either.
Is this a loophole or am I missing something?

Continue reading If you don’t need a PIN for your card in Apple Wallet and don’t need a PIN to use Apple Wallet, how is that safe?