Of course, all banks are different; however, with my bank, Regions Bank, it says the following in their FAQ:
Taken from:

https://www.regions.com/faq/apple_pay.rf

What if I receive a new or replacement card?[back to top]
For any cards replaced due to loss, theft or fraud, you will need to add the card to Apple Pay as if it were new - either using the device camera or manually adding the card information. When a card enrolled in Apple Pay expires, you will be sent a physical card with a new expiration date. We will automatically update your card information with Apple Pay for you.

 
----- Original Message -----
From: "Tom Rash" <[email protected]
To: <[email protected]
Date sent: Tue, 24 May 2016 05:38:09 -0700
Subject: Updating debi card in Apple Pay

I updated my new debit card which has the same account number with a different security number and expiration date. After editing It looked like I was done then it said this card is already in Apple Pay. Can I edit the
new info, or should I delete the card and re-add it?


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