As hundreds of fans pocket new iPhone 6 models Friday, consumers will peer at their mobile screens and soon discover a new function: Apple Pay.
Forget clumsily handing over cash or even signing a credit or debit card slip. With major companies including Citi and McDonald's attached to the new Apple Pay platform, many industries will be watching to see if Apple mobile consumers will embrace the new e-wallet technology, which enables swift purchases with the swipe of an iPhone or Apple Watch.
Apple Pay joins a growing field of mobile wallet payment options including Square, the mobile payment platform founded by Jack Dorsey, who also helped create Twitter. Collectively these newer companies want to replace old-fashioned bulky cash registers, and take a bite out of the lucrative electronic payment industry.
Apple Pay and competitors also offer smaller merchants an opportunity to boost revenue through easier purchase platforms. Smaller businesses, generally, can more quickly adopt technology changes including the growth of e-wallet models.
Apple Pay will roll out in October and be available as a free update to iOS8, Apple's mobile operating system.