Apple today announced Apple Pay, a new digital service that the company calls “an entirely new payment process.” Apple Pay is available in the U.S. for the upcoming iPhone 6, iPhone 6 Plus, and Apple Watch.

Speaking on stage at Apple’s keynote event, chief executive Tim Cook criticized credit cards, a technology “five decades old,” and revealed that Apple has inked deals with major retailers like Whole Foods, Disney, and Target for its new service.

Pictured above, Apple Pay integrates directly with Apple’s Passbook app. Apple first launched Passbook last year with iOS 7.

The Apple Pay announcement follows earlier reports that accurately described the service as an NFC-powered digital wallet, made in partnership with American Express and Visa. During the event, Apple confirmed these rumors and also revealed new partners, including Master Card.

It’s been clear for quite some time that Apple would eventually invest in mobile payments. Back in April, Apple revealed that its users had registered a whopping 800 million iTunes accounts, many of which have credit cards attached. And during the first quarter of this calendar year, Apple users apparently dropped $5.2 billion in iTunes purchases.

Apple’s new payments service will challenge carrier-backed ISIS — soon to be renamed to “Softcard” — and Google Wallet, both of which have failed to strike a chord with consumers.

For more Apple news, head here: Everything Apple announced at its iPhone 6 & Apple Watch event.

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