Cook going over why haven't worked before
Cook: As it turns out, most ppl who have worked on this have started by focusing on creating a business model that was centered around their self interest rather than focusing on the user experience. We love this kind of problem. This is exactly what Apple does best.
Cook: We've created an entirely new payment process, Apple Pay.
Cook: I'd like to show you just how fast and just how easy it is.
Video again, showing the new process. Just a tap of the phone, and "that's it!"
The name "ApplePay" definitely will dissuade any notions of this being compatible with, you know, Android or Windows Phone.
By the way, the logo is the Apple logo and the word "Pay"
Cook: That is Apple Pay, and to tell you more about it, I'd like ot invite Eddy Cue to the stage
Okay, Eddy Cue is now going to tell us more about ApplePay.
Cue in a very dashing pink shirt, by the way.
Eddy Cue, is senior vice president of Internet software and services. His role includes oversight of iTunes, and he’s Apple’s primary content dealmaker.
It's iPhone 6 and 6 Plus, only, so no hope of doing this via older phones -- unless maybe via a wearable device.
Cue: NFC is the standard for all contactless payments. You also have TouchID. And we have a new chip called Secure Element. It's built into iPhone 6 and stores all info securely. Can see all credit cards on Passbook.
Credit cards will be integrated via PassBook, so hopefully that means it'll start getting a little more developer support.
Cue: We have hundreds of millions of credit cards and debit cards from customers' iTunes accounts. You can use the card on file. To add another card, take a photo with the phone, go to bank to verify that it's your card, and it's added right to Passbook
Cue: Now, with just a touch, you pay. It's that fast, and it's that easy.
Yes, you will use the TouchID sensor to authenticate when making a payment.
Cue: We've integrated security from software and hardware. ... We create a device only account number and put it in the Secure Element. No longer have the static code on the back of the card.
Interesting, it isn't your credit card number that is sent to a retailer, it's a one-time number. No more worries about data breaches!
Cue: If phone is lost or stolen, can use Find My iPhone to cancel all transactions.
If you lose your phone, or are subject to a breach, you can keep your existing card.
Cue: And because card isn't stored on the phone, you don't have to cancel it if phone is lost
Sapphire. Stainless steel.
It's kind of chunky, thicker than an iPod nano.
And yes, it pops into accessories.
Still watching a video of this design and the features of the new watch.