Apple Pay

Apple just introduced Apple Pay in their live event at
http://live.arstechnica.com/apples-september-9-2014-event/

Quoting:
Our mission is to replace your wallet, starting by focusing on payments.
....
Digging for your cards is antiquated.
The magnetic stripe interface is outdated and insecure.
Most people who have worked on this have started with a self-interested
business model and worked outwards.
We've created a new payment process called Apple Pay
....
Apple Pay is built into every iPhone 6 and 6 Plus using NFC, the standard
for mobile payments.
A new chip called the Secure Element stores your payment info encrypted and
securely.
....
Now, with just a touch, you've paid.
....
When you add a new card, we don't store the number, and we don't give it to
the merchant.
You get a device-only number protected by the secure element.
Every transaction generates a one-time code that is used.
You can suspend payments using Find My iPhone, since it doesn't directly
use your card there's no need to cancel it.
....
Apple doesn't know what you buy, where you buy it, or how much you paid.
Cashier doesn't even see your name, credit card number, or security code.
....
Starting in the US with AmEx, MasterCard, Visa.
Also supported by a number of banks, 83% of all credit card volume in the
US.
You can use it in 220,000 stores that already support contactless payments,
also working with Macy's, Bloomingdale's, Wallgreens, Staples, Subway,
other stores.

-- 
Steph.