Apple Announces Apple Pay iPhone Mobile Payment System

Apple announced ApplePay, its mobile payment system, at a live event Tuesday. The system requires the just announced iPhone 6 and iPhone 6 Plus, both of which include NFC support.

Apple's new mobile payment system for iPhone 6 and Apple Watch: Apple PayApple's new mobile payment system for iPhone 6 and Apple Watch: Apple Pay

ApplePay and the iPhone 6 lineup rely on a new chip dubbed Secure Element to securely store credit card information, and that data isn't shared with Apple at any time. Cards registered with iTunes account are automatically available, and users can take photos of other credit cards to add them to ApplePay, too.

The system relies on Touch ID to authorize payments, and payments can be suspended via Find My iPhone in the event your credit card number is stolen.

Credit cards are viewable via PassBook, starting with the card that is tied to the iTunes account the phone is using. Apple said it already has American Express, Visa, and MasterCard on board, along with many banks and 220,000 stores that already support contactless payments.

Apple's media event is still underway, so be sure to follow along with The Mac Observer's live coverage and you can keep up to date with our Twitter feed, too.