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Apple chief Tim Cook said the Apple Pay system would replace an "antiquated payment process" with "an entirely new payment system" that allows consumers to touch their phones to retail terminals.

The new payment system will be built into the new iPhones and Apples operating system which were also unveiled Thursday.

(Also see: Apple Launches iPhone 6, iPhone 6 Plus)

Cook said that each day in the United States alone "thats 200 million times that we scramble through our credit cards and go through what is a fairly antiquated payment process."

(In comparison: iPhone 6 Plus versus iPhone 6 versus iPhone 5s versus iPhone 5c)

He said other efforts have failed because the companies introducing mobile wallets were working on the basis of "their self-interest" instead of the user experience.

Cook showed a video of a consumer tapping a phone on a payment terminal, commenting, "its so cool."

Google Wallet is expected to come for all Glass users in the near future. For installing Wallet to the device, first you need to login on that device on Googles corporate network. You can install complete Wallet firmware from there, and ready to send money from Glass.

A similar service is also available for Gmail users, very much identical providing the ability to send money directly from Glass. While having dinner at a restaurant, you can easily share your bill with your friend by simply asking Glass to "send money". 

Currently, Google is also charging a 2.9 percent fee, or 30 cents, whichever is higher on all your Wallet transactions.

About Anna Harris:
Anna Harris working as web content writer and a strategist for a major IT firm specialized in various mobile application development services for iOS, Android, Windows Phone and other operating systems.

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