by. Robert McGarvey

Apple on Tuesday unveiled new iPhone tools that will rock the world of payments and possibly, multiple sources told CU Times, end the tepid adoption that so far has plagued mobile payments.

The new tool is Apple Pay, powered by near field communication. Apple said at its product introduction event that Apple Pay will allow for more secure transactions than are currently possible with plastic cards.

“This whole process is based on this little piece of plastic, whether it’s a credit or debit card,” Apple CEO Tim Cook said on stage in Cupertino, Calif. “We’re totally reliant on the exposed numbers, and the outdated and vulnerable magnetic interface, which by the way is five decades old, and the security codes which all of us know aren’t so secure.”

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