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Apple Unveils Mobile Payment System That Will 'Change the Way We Pay for Things

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Phil Schiller, Apple's senior vice president of worldwide product marketing, discuss the features of the new Apple iPad Air 2 and Apple Pay during an event at Apple headquarters on Thursday, Oct. 16, 2014 in Cupertino, Calif. (AP Photo/Marcio Jose Sanchez) AP Photo/Marcio Jose Sanchez

CUPERTINO, Calif. (TheBlaze/AP) — Apple showed off thinner iPads and a new iMac with a high-resolution display on Thursday. Sleek and stunning, yes, but not likely to spark the next iRevolution. The tech giant's bigger strategic bet is that mobile pay service Apple Pay, debuting Monday, will be the next thing you didn't know you needed — but now can't live without.

The new iPads should sell well during the upcoming holiday shopping season, even as the worldwide tablet market is showing signs of slowing growth, analysts said. But they're not the kind of game-changing new product that has made Apple a darling of Silicon Valley and the tech industry's most valuable company.

Phil Schiller, Apple's senior vice president of worldwide product marketing, discuss the features of Apple Pay during an event at Apple headquarters on Thursday, Oct. 16, 2014 in Cupertino, Calif. (AP Photo/Marcio Jose Sanchez)

Instead, the industry will be watching closely to see how consumers react to Apple Pay, which CEO Tim Cook said will go live next week: "We think it is going to be profound. It's going to change the way we pay for things," Cook said. "Just as new products and services from Apple reshaped other industries, Apple Pay will reshape payments," he added, USAToday reported.

The company has already managed to get all three major credit card companies– American Express, MasterCard and Visa– to support the mobile pay venture. Other major companies on board include Citi, Bank of America and PNC. Among retailers and restaurants: Macys, Bloomingdales, Walgreens, Duane Reade, Whole Foods, Disney stores, Staples, Subway and Panera Bread.

Forrester Research analyst Frank Gillett says the service is "hugely important" because it puts Apple in the middle of a wide range of consumer transactions. That underscores Apple's value as a brand and gives people a powerful new reason to buy iPhones, iPads and other gadgets.

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