Apple iPhone 6

ApplePay aims to replace your wallet with an iPhone

cook wallet

Apple’s event in Cupertino on Tuesday wasn’t all about iPhones. CEO Tim Cook also took the stage to launch the company’s new wallet-killer technology, ApplePay.

The new payment process works using NFC (near-field communication) technology, so all you have to do is hold your phone to a sensor at the cash register, then use TouchID to complete the process. ApplePay will be exclusive to the iPhone 6 and 6 Plus, because the new phones are equipped with the requisite NFC radio antenna.

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Apple is opening an ApplePay API to developers in iOS 8, and will officially launch its wallet replacement as an update to the new OS next month. When ApplePay is available to use, simply take a photo of your credit card with your new iPhone, verify the card, then store it to Passbook. Apple is working with credit card companies American Express, MasterCard, and Visa, and six of the largest U.S. banks. Retailers on board include Macys, Walgreens, and Staples.

We'll have more details as we get them.

This story, "ApplePay aims to replace your wallet with an iPhone" was originally published by Macworld.

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