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Apple turns iPhone 6 into mobile wallet with Apple PayApple's Tim Cook announces Apple Pay at a press event in Cupertino, Calif. The new mobile payment system makes it possible use your iPhone 6 as a mobile wallet.
[MUSIC] We've created an entirely new payment process, and we call it Apple Pay. [APPLAUSE] [APPLAUSE] And I'd like to show you just how fast and just how easy it is. Okay. Your total is $23.78. That's it. [LAUGH] [APPLAUSE] That's it. [APPLAUSE] Maybe, would you like to see it one more time? [LAUGH] Just in case you may have blinked and missed it. Here it is. [NOISE] [APPLAUSE] That is Apple Pay, and to tell you more about it. I'd like to invite Eddie Cue to the stage, Eddie. [APPLAUSE] Thanks [UNKNOWN] it's great to be here this morning. Now Apple Pay is built into every iPhone 6 and 6plus. And we've got a ground breaking NFC radio antenna built across the top. Now NFC is the standard. For all contactless payments. Now you also have the convenience and security of Touch ID. And we've got a new chip called the secure element. And it's built into every iPhone 6. And it stores all of your payment information encrypted and securely. You can also see all of your credit cards on Passbook. Network. Now Apple Pay is easy, it's secure, and it's private. Let's get started with how easy it is. Now we have hundreds of millions of credit cards and debit cards from customers in their iTunes store account. When they get a new iPhone 6, they could just say use the card on file. But it's also easy to add a new card. You use your iPhone iSight camera, you take a picture of the card, gather all the information, go to your bank and verify that that's your card, and we add it right to Passbook. And now with just a touch, you've paid. It's that fast, it's that easy. Now we've also integrated security throughout both the hardware and software in a way that only Apple can. And each time you pay, we use a one time payment number along with a dynamic security code. So you no longer have the static code on the back of your plastic card. And if your iPhone is lost or stolen, you can use Find My iPhone and suspend all of the payments from that device. Apple Pay, it comes with every iPhone 6 and 6+. We're launching in the US starting next month. It'll be available as a free update to iOS 8. And we're working hard to bring Apple Pay to even more countries. And that's Apple Pay. Thank you. [APPLAUSE]