This post was also written by Christopher Fatherley.

At this week’s highly anticipated new product launch, Tim Cook (Apple’s CEO) introduced Apple Pay, Apple’s new payment platform driven by the event’s leading stars, the iPhone 6 and iWatch. As usual, the excitement was infectious and palpable, even for those virtually participating from locations thousands of miles from Cupertino.

Apple is entering the payments market as a starting point for a new service category in its groundbreaking product portfolio. A move backed by Apple, the top-ranking global brand, most surely has significant implications for banks, payment networks, retailers, consumers and beyond.

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