Apple Pay Digital Wallet Unveiled

Apple Pay

Blink and you'll miss it

Apple CEO Tim Cook thinks paying with a credit card is antiquated, so he has announced a digital payment system that the tech giant has dubbed Apple Pay. 

The mobile wallet was announced Tuesday morning during Apple's live event for the much-rumored Apple Watch as well as a pair of new iPhones. The payment process allows people to pay for purchases by tapping their phones to a sensor while holding their finger on the phone's Touch ID sensor. 

"That's it," exclaimed Cook. "It is so cool!" 

Apple Pay is starting in the United States with credit cards from MasterCard, Visa and American Express. It will also work with the big six banks. More than 22,000 retailers will work with Apple Pay, including Macy's, Subway, McDonalds and Disney stores, and the system will utilize the credit card that customers already have on file with their personal iTunes accounts. Users can also take photos of their personal credit cards to add them to their virtual wallet for use in transactions. It will work with the iPhone 6, iPhone 6 Plus and the Apple Watch.

Apple's not the first company to attempt to solve the hassle of the credit-card system with technology. Google, with its Google Wallet program, attempted to take on the issue with Android phones, with the major credit card companies putting forth their own attempts as well. Apple has been seen by many in the industry as the one company with the installed user base and consumer heft to bring this type of solution to the masses, and with the iPhone 6 and 6 Plus coming to customers in the U.S. on Sept. 19, the company is going to have its chance very soon.