Apple is taking mobile payments a step further today – the newly unveiled iPhone 6 will include Apple Pay, a mobile payments system for new smartphones and the Apple Watch.
According to Apple CEO Tim Cook, the application stores users’ payment information with software encryption in the company’s Passbook app, transmitting a one-time payment number and security code to near-field communication (NFC) terminals, authorized by the user’s fingerprint verification, instead of a credit card number.