At their media event Tuesday morning, Apple unveiled Apple Pay, a new service that utilizes NFC and the security of TouchID on the iPhone 5 and iPhone 6 series to provide a potential replacement for credit cards. The service will reportedly also work with the new Apple Watch.

The familiar program Passbook will organize all of your credit cards with Apple verifying card numbers and IDs with credit companies to make sure that you are the correct owner. Apple claimed in its media event that once a card is shared with Passbook, its number will not be stored on your iPhone or on Apple servers. Another security measure includes a one-time unique number that will be reserved for every transaction.

After the recent scrutiny that iCloud has come under, Apple is taking more serious measures to preserve the locations privacy.  These changes include making privacy promises when it comes to information. The company will not be taking information on purchases such where something is bought, how much it costs or whether anyone used a different card for the purchases.  

In a move that they professed as safer and easier than canceling a credit card, Apple will be allowing a new feature in Find My iPhone which will allow users to suspend and cancel transactions from their device if it is lost.

Apple Pay requires a special terminal at store locations in order to be utilized. These terminals will support payment without contact. Apple has promised that a variety of companies are already on board with the new Apple Pay service, including Walgreens, Whole Foods, Subway and Disney World just to name a few.

The payment solution will be rolled out in the United States starting in October and will work with American Express, MasterCard and Visa. Devices that will work with the service include every iteration of the iPhone 5 and iPhone 6 series, in addition to the new Apple Watch that was unveiled Tuesday morning