1:55 p.m.: Apple Pay will also be enabled with apps such as Target, Groupon and Uber. Other retailers including McDonald’s, Nike, Subway and Whole Foods will support Apple Pay.
1:51 p.m.: Apple says credit card numbers will not be stored on the phone. If the phone is lost or stolen, users can suspend payments on the device without cancelling their card. Visa, Mastercard and American Express are on board, as are banks including Bank of America and Chase.
1:47 p.m.: Cook calls out credit cards for weak security. His solution: Apple Pay. “It is so cool,” says Cook. The process shows a user placing their smartphone to a sensor, and a quick beep confirms the processed transaction. It will be built into every iPhone 6 and 6 Plus. It will leverage near-field communication and a chip called the Secure Element to store encrypted payment information. All credit cards will appear on Passbook.
1:45 p.m.: Cook shifts gears to the mobile payment business. Here comes Apple’s entry. He calls the payment process “fairly antiquated,” showing footage of people scrambling to find their credit cards to pay for items.