'Apple Pay' Mobile Wallet and Payment System

Apple unveiled a new mobile wallet on Tuesday aimed at allowing consumers to use iPhones linked to credit cards for more secure, convenient payments.

Apple chief Tim Cook said the Apple Pay system would replace an "antiquated payment process" with "an entirely new payment system" that allows consumers to touch their phones to retail terminals.
The new payment system will be built into the new iPhones and Apple's operating system which were also unveiled Thursday.

(Also see: Apple Launches iPhone 6, )