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Apple Watch pairs up with Apple Pay mobile payment service

The company encourages consumers to use its mobile payments service by making it available on its highly-anticipated wearable.

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Not only did Apple deliver two highly-anticipated products, mobile payments, and a smartwatch at its event Tuesday, it's encouraging consumers to use them together.

Apple is making Apple Pay, the company's NFC-enabled mobile payments service, available on its newly unveiled Apple Watch , CEO Tim Cook announced at the event. NFC, or near field communications, allows a user to transfer data, including credit card information, from one device to another.

Apple CEO Tim Cook announces the Apple Watch. James Martin/CNET

"Apple Pay is going to change the way you pay for things forever," Cook said.

In edition to working with the new iPhone 6 and iPhone 6 Plus , the smartwatch also works with iPhone 5, iPhone 5C and the iPhone 5S.

Tuesday's event, which took place at the Flint Performing Arts Center in Apple's hometown of Cupertino, Calif., was one of the most anticipated product launches of the year. Consumers, analysts, and investors had been waiting for Apple to introduce the "amazing" new products that CEO Tim Cook has promised for more than a year. Cook, who took over as CEO from Steve Jobs three years ago, hadn't yet taken the company into new markets beyond those established by his former boss.

It was considered vital for Apple to expand beyond its current product offerings. The company hadn't entered a new category since Jobs unveiled the "magical" iPad tablet in 2010, and every new version of the iPhone, iPad, and Macintosh computer since then has been deemed "evolutionary" rather than "revolutionary" by reviewers and customers, leading to slowing profit and revenue growth. Apple has been generating about two-thirds of its sales from the iPhone and iPad, but the markets for those gadgets are becoming saturated, with rivals from Amazon to Google to Microsoft to Samsung battling for customers and the billions they spend on mobile devices.