Apple chief Tim Cook said the Apple Pay system would replace an "antiquated payment process" with "an entirely new payment system" that allows consumers to touch their phones to retail terminals.
The new payment system will be built into the new iPhones and Apple's operating system which were also unveiled Thursday.
(Also see: Apple Launches iPhone 6, iPhone 6 Plus)
Cook said that each day in the United States alone "that's 200 million times that we scramble through our credit cards and go through what is a fairly antiquated payment process."
(In comparison: iPhone 6 Plus versus iPhone 6 versus iPhone 5s versus iPhone 5c)
He said other efforts have failed because the companies introducing mobile wallets were working on the basis of "their self-interest" instead of the user experience.
Cook showed a video of a consumer tapping a phone on a payment terminal, commenting, "it's so cool."
(Also see: Apple Watch Unveiled as 'Comprehensive Health and Fitness Companion')
![]()
Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.
Starlink Hiring for Payments, Tax and Accounting Roles in Bengaluru as Firm Prepares for Launch in India