In addition to announcing two new iPhones, Apple has announced its new payment service:
Apple Pay.
The technology uses an NFC antenna across the top of the iPhone 6 and iPhone 6 Plus, as well as an encrypted chip that stores payment information such as credit card details. These will be managed using Apple's PassBook app in iOS 8.
The system will allow users to pay for goods in stores using contactless methods, as has become common in the UK with the rise of contactless credit and debit cards.
Highlighting the security of the system, Apple's Eddie Cue said that a lost iPhone does not mean lost credit card information. iCloud's Find My iPhone tool will be able to wipe the encrypted data from the phone remotely, meaning cards need not be cancelled.
Cue also said neither Apple nor retailers will "know what you bought or where you bought it" and that a "cashier doesn't see your name or security code as they do today".
The service will be US-only for now but available on Visa, MasterCard and American Express.
Apple CEO Tim Cook highlighted the vulnerability of magnetic strips on credit and debit cards, as well as the printed numbers on the card. It's an interesting observation as the US does not have adoption of chip and PIN as the UK does, which prioritises PIN numbers over signatures.
A UK launch for Apple Pay has not been announced. Apple has said it is "working hard" to bring Apple pay to more countries.
Apple has confirmed the just-announced Apple Watch will also support the new payment technology.
This article was originally published by WIRED UK
