Apple unveils Apple Pay, its new NFC powered payments system

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As rumored, Apple today unveiled its mobile payments solution called Apple Pay that’ll let you do cashless transactions at retail stores and other offline outlets.

Apple Pay is powered by the new NFC chip on the iPhone 6 and iPhone 6 Plus. The system stores your payment info in an encrypted and secure fashion, with the help of Touch ID and the new A8 chip.

Apple Pay is integrated with Passbook. If you have a credit card on file with iTunes you can use that with Apple Pay, or you can scan a new credit card with the camera. You card number is never shared with the merchant, and remains with you.

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Apple Pay promises a much better payment experience with one-touch checkout, no need to enter or share card numbers and has a long line of partners right at launch including Walgreens, Mc Donalds, Staples etc.