October 16, 2014 1:23 PM EDT
Apple Pay , Apple’s mobile payment platform, will start on Monday, allowing customers to make purchases in retail stores using only their iPhone 6 or iPhone 6 Plus. Apple CEO Tim Cook made the announcement Thursday at a live event at Apple’s Cupertino, California headquarters.
The program allows users to pay for items by holding their iPhone 6 or 6 Plus near a contactless reader in a participating stores. Major retailers and restaurants like Walgreen, Duane Reade, Subway and McDonald’s have signed on. Apple also partnered with American Express, MasterCard and Visa on the project. Apple Pay includes an online component as well, making it easier to partake in e-commerce.
“It’s going to change the way we pay for things,” said Cook.
See the World Await and Celebrate Apple's iPhone 6 People pass time as they wait outside an Apple store for the iPhone 6 and 6 Plus in London on Sept. 17, 2014. Lefteris Pitarakis—AP People wait in line in front of the Apple Store in Tokyo on Sept. 18, 2014. Yuya Shino—Reuters A man sleeps in a tent in the queue outside an Apple store in London on Sept. 18, 2014. Justin Tallis—AFP/Getty Images A man wearing a replica of an iPhone 6 Plus model on his head yawns while waiting in front of an Apple Store in Tokyo on Sept. 19, 2014. Yuya Shino—Reuters A woman sleeps in a chair as she waits in queue outside the Apple store in London on Sept. 18, 2014. Justin Tallis—AFP/Getty Images A staff member removes a display poster of iPhone 5S at an Apple store in Tokyo on Sept. 18, 2014,. Yuya Shino—Reuters Customers queue outside an Apple store in Hong Kong on Sept. 19, 2014. Xaume Ollerose—AFP/Getty Images Ken Miyauchi Vice President of Softbank, Japanese mobile phone company and actress Sayaka Kanda, in a pink dress, react during a ceremony to mark the first day of sales of the latest iPhone 6 and 6 Plus at a store in Tokyo on Sept. 19, 2014. Shizuo Kambayashi—AP After being first in line for 19 days, Moon Ray, from Jackson, Miss. runs the gauntlet of Apple store workers as she enters the Fifth Avenue Apple store in New York on Sept. 19, 2014. Peter Foley—EPA Apple store staff high five customers as they enter an store in Tokyo on Sept. 19, 2014. Chris McGrath—Getty Images A man wearing a mask depicting Apple's co-founder Steve Jobs holds up a cardboard cut-out of Apple's new iPhone 6, as he walks into an Apple Store in Tokyo on Sept. 18, 2014. Yuya Shino—Reuters Andreas Gibson celebrates as he exits an Apple store in New York after being the first to purchase an iPhone 6 Plus on Sept. 19, 2014. Julie Jacobson—AP Jamael Ahmed jumps in the air as he leaves the store after being the first to purchase the iPhone 6 at Apple Covent Gardens in London on Sept. 19, 2014. Ben A. Pruchnie—Getty Images More Must-Reads From TIME The 100 Most Influential People of 2024 The Revolution of Yulia Navalnaya 6 Compliments That Land Every Time What's the Deal With the Bitcoin Halving? If You're Dating Right Now , You're Brave: Column The AI That Could Heal a Divided Internet Fallout Is a Brilliant Model for the Future of Video Game Adaptations Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time