Pairing is indeed simple. However, the Finger Print sensor doesn't normally operate and I found the solution to fix it.

The keyboard should be connected to the Mac using USB-C to Lightning cable and stay connected for an hour or so until its firmware updates, then the Touch ID will work.

I realized I'm not alone in having this issue and I'm glad to have found the solution. BTW, I did RTFM but if Apple made it easy to update their accessories, I think it'd be better for all of their users.