At a launch event this morning in Cupertino, Apple introduced the iPhone 6 and the iPhone 6 Plus with larger screen sizes and improved performance over the current iPhone 5s.
While the new phones include new, faster processors, wireless speeds, etc, the big payments news was the announcement of Apple Pay.
Apple Pay is Apple's first step toward a new vision for replacing the wallet - starting first with payments. Based on NFC and the addition of a Secure Element in the iPhone 6 and iPhone 6 Plus, Apple Pay will support both physical POS and online payments - using the Touch ID biometric sensor as the authentication mechanism for complete the payment.
Apple Pay will launch in the US in October as an upgrade to iOS 8. Apple says that credit card issuers representing 83% of US credit card purchase volume will support Apple Pay at launch - including Chase, Citi, Bank of America, Capital One, American Express, US Bank, Barclays, Navy Federal Credit Union, and USAA.
And, Apple also introduced a new Apple Watch...and you can use the Watch to pay using Apple Pay.