At today's big event, Apple introduced Apple Pay, a new form of credit card-free payment that utilizes the iPhone 6, iPhone 6 Plus or the Apple Watch.
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The demonstration of this new payment system was quick and easy. To pay a bill, the buyer only needs to place his or her thumb on the Touch ID pad and hold up the device to a reader. The NFC chip in the iPhone 6 or Apple Watch will then process the payment with the store.
Setting up the service seems just as quick. The service takes the credit cards that are attached to a user's iTunes accounts and automatically adds them to their digital wallet. More credit cards can be added just by taking their picture. Once it's confirmed with the bank, the card is ready to go.
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Of course, a new payment service only works if both the buyer and the seller use it. Apple has already lined up an impressive roster of merchants – over 200,000 in total – that will be accepting Apple Pay in the future. Ubiquitous stores like Walgreens, Staples and Subway have already signed on, and McDonalds drive-thrus are set to include support for Apple Pay as well. Disney, a close partner of Apple's, will also be rolling out Apple Pay support throughout its retail stores and across Disney World itself by the holiday season.
The service's security and privacy measures were emphasized as well. Apple doesn't track what its users buy, and sellers don't even need to see the name of the purchaser. Additionally, if you lose your phone, a quick session on Find My iPhone will let you cancel payments from that device.
Apple Pay is said to be releasing in an iOS 8 update sometime in October.
