The Apple logo Is Pictured Inside The Newly Opened Omotesando Apple Store
The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo in this file photo taken June 26, 2014. Reuters/YUYA SHINO

The Apple Pay is a new app introduced by Apple on its launching event in Tuesday. This new feature is included in the new iPhones and on the Apple Watch as well. This will allow users to pay for its bill by just using the said devices. The new mobile payment service is reported to revolutionize the way people purchase products where users can now use the NFC, Touch ID and Passbook. It uses a dedicated chip that can store encrypted payment details.

By just adding the users credit card info coming from the iTunes account or by using iSight to capture a new card, users will be able to check on the list of partners.

Now, users can purchase by using the apple pay to be confirmed by the fingerprint sensor. It will also work on iPhone 5 or later and on the Apple Watch as well.

Apple announced some of the participating vendors during the event like McDonald's, Subway, Disney, Walgreens, Macy's, Sephora and Apple's retail stores. Groupon, Uber and Panera are integrated with the Apple Pay that allow users to pay from its apps without entering payment details.

The Apple Pay comes along the iPhone 6, iPhone 6 Plus and Apple Watch but users will have to wait for the software update in October. Apple claims that users will be able to purchase without the need to provide payment info since it will be the one to facilitate.

Apple Pay works with AmEx, MasterCard and Visa. Chase and JPMorgan also collaborated with the new feature from Apple. For Now, it will only be available in the U.S. but it will also come to other countries. The new feature seems appealing, but with the recent new about security breach on Apple's app, some may have doubts on the new feature but according to reports, Apple claims that it was because of weak passwords and security questions. That might be the reason for the security breach that had a lot of nude selfies revealed over the internet and not a breach in Apple's systems, according to The Verge.

According to the report, Apple is trying to prevent these kind of breaches by the help of its software and hardware including the Touch ID, its secure element chip and a dynamic security code that is reported to be generated upon each transaction. In case the phone gets lost, users can use the Find My iPhone to prevent payments or transactions to be made on the device.