Can't access Apple Pay on my watch

[aschaeferusn]

I'm trying to use Apple Pay on my new 42mm SGS (pre-updating to 1.01). When I'm prompted for my Apple ID Password in the Apple Watch app, it repeatedly prompts me (even after inputting the password correctly) and then rejects my request and offers to reset my password. I don't want to reset my password, because it's familiar (I KNOW I'm inputting my PW correctly) and I'd rather not change it. I've tried restarting the app, the watch, and hard resetting the phone. I'm currently updating the Apple Watch software and will try again. Any other tips? Is the Apple Pay authentication down? I have a card configured on my phone, so I know it's not an issue with that.