Apple Pay is a mobile payment and digital wallet service that lets users make payments using iPhone, Apple Watch or iPad in a secure and simple way. It is a system designed to change the way customers shop allowing payment from physical wallet to a digital or mobile wallet.
The payment is made using an NFC chip built into the iPhone 6, iPhone 6 Plus and the Apple Watch. For security Apple uses tokenization which prevents using actual credit card information being sent.
For the latest information visit http://www.apple.com/apple-pay/