Not at all: those brands do two things: tell date and time and look pretty (I'm leaving off the ego self-stroking), while the Apple Watch is a computer with a variety of selectable functions. Hence the "smart" in smartwatch. IMHO despite the name it's no more a "watch" than an iPhone is a "phone".
But that's not the only passcode available for iPhones, there's also a "secure passcode" choice in settings that's a lot larger than 4 digits. Beyond that there's a sequence of lockdown delays beyond a certain number of wrong passcode entries, which increase as the error builds in number leading to a device lockdown that has to be resolved via other methods. http://support.apple.com/kb/TS2446
And with a couple more well publicized security breaches and cash will get more popular not less. A secure Applke pay will have an effect on that, but over time. I know I'm sick of having my credit card account changed for an "unnamed vendor alert" over and over again....
Given the well publicized repeated security breaches, Target, ACME Grocers, Home Depot etc., people are going to have incentive to look for more secure payments methods. Getting your credit card number changed when "unnamed vendors" report a security breach to your card issuer is a pain, so is carrying a lot of cash.