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The watch will sync with an i Phone to receive the same security credentials as the handset.
The wearer can then leave the phone behind and purchase items simply using the watch, which will be matched to the wearer's heartbeat.
Apple is rolling out its mobile payments service Apple Pay on Monday, CEO Tim Cook announced at an event on Thursday.
He said enthusiasm for the service has been huge, with 500 new banks partnering with Apple since the service was announced last month.
That said, Mc Carthy did not downplay the value of using Apple Pay in the physical world, particularly through connected devices.
This includes Apple's Apple Watch, which was also unveiled last month.
"It's easy, it's secure and yes, it's a private way to pay for things," Cook said at the event in Cupertino, Calif., Thursday.
"We think that it is going to be profound." Apple unveiled Apple Pay with the launch of the i Phone 6 and i Phone 6 Plus in September.
People now can pay for items in apps using a single touch on their device's fingerprint sensor, something that removes time and the hassle of entering credit card and address information over and over.Mobile payments has been promised for a long time but so far has struggled to gain much traction.The goal with offerings like Google Wallet was that people could get rid of all their credit cards, loyalty cards and coupons that filled their wallets and instead store and access them from their mobile phones.The company already lets hundreds of millions of users -- Cook said last month that Apple's vision is to replace a wallet, and more specifically to replace antiquated, plastic credit cards.
Cook noted that there are more than 200 million credit card and debit card transactions processed per day in the US with consumers spending more than billion every day between credit cards and debit cards.Select the person and the type of call (video or voice-only) you want to add to Speed dial.Click Select calls and select the calls you want to delete.Jim Mc Carthy, Visa's vice president of Innovation and Strategic Partnerships, called these in-app purchase options the real "game changer" despite the buzz around NFC technology.