Apple unveiled their new payment system called "ApplePay" on Tuesday along with the big reveal of the iPhone 6.

ApplePay will allow users to use their iPhones to shop and pay online just like other online payment systems.

It's a lot different from other platforms since it has a built-in chip as a secure element to keep a user's details safe.

Like Us on Facebook

Apple executives noted that no information about users will be kept in every transaction. They made it clear they don't want the iCloud incident to happen again.

ApplePay will be launched first in the United States and will first cater to those that have Visa as their credit card.

Other banks will also be part of the payment system to make the latest technology available to other countries.

ApplePay will mainly be used in online transactions but can also be used in food chains such as Whole Foods, McDonalds and Subway.

Apple said a certain tone will play once a transaction is complete. Also, a security code will be shown just once to keep the payments safe.

Although experts say ApplePay won't immediately shut down other payment companies, it might be another product Apple patriots will likely use.

Apple said it wants to solve problems associated with credit cards, noting this is the end goal of ApplePay.

TagsApplePAy, Online transactions, online payment, PayPal, Credit Cards, visa