Just another app to use credit cards. Doesn't Square do the same thing? Just seems notable because Apple is such a giant. At the end of the day, this has nothing to do with bitcoin. If a simple mobile payment system could threaten bitcoin, it would have been dead long ago.
I think it will actually make bitcoin more competitive. It will likely have high instances of fraud because people will have their phones stolen and use the stolen phone to buy things. It will also have higher fees because, well that is what apple does, they charge a lot for their products.