Tim Cook Launches Apple Pay for Mobile Payments

There was speculation and some reports that Apple would launch a mobile payment system today during their event. Now, Tim Cook has started his spiel on the future of your wallet.

The new process is being called “Apple Pay.” According to Cook’s description, “Apple is about to enter an entirely new category of service.” Our second demo is of Apple Pay, and its simply a beep on a purchase terminal. It is a clean, one step process. It is going to be built into every iPhone 6 and 6 Plus.

Apple is, of course, concerned with security on this new system. Instead of storing your card on the phone, Apple Pay creates a dynamic security code. You can add in a new card just by taking an image of it. Touch ID will be used to confirm transactions (for added security, though we know Touch ID is hackable.)

Apple Pay will start in the U.S. with Visa, American Express, and Mastercard. As with any e-wallet, the key is getting business to adopt it. Apple has six banks on board and thus far, they have Bloomingdales, Panera, Sephora, Groupon (which still exists?), Subway, Disney, Target, McDonald’s, Whole Foods, Macy’s, and Walgreens. Of course, Apple will also accept it.