Throughout the summer, industry experts speculated that Apple would include an NFC chip in the next iteration of the iPhone. At its Sept. 9 event in Cupertino, Calif., the company went a step further and announced Apple Pay — a payments service the company is touting as “an easy, secure and private way to pay.” The iPhone 6 and iPhone 6 Plus phones, as rumored, contain an NFC chip, but the devices also include a dedicated chip called the Secure Element that features Touch ID convenience.
Apple Pay launches in October as part of the iOS 8 update scheduled for that month. Apple Pay will work in stores with iPhone 6, iPhone 6 Plus and Apple Watch. The service works through iTunes and supports credit and debit cards from American Express, MasterCard and Visa. To start using Apple Pay, users can add the credit or debit card number already on file with their existing iTunes account.