MacRumors

Apple will collect a fee from banks every time consumers use the company's new Apple Pay payments solution, reports Bloomberg. Citing three individuals close to the matter, the report notes that Apple struck individual deals with each bank it has partnered with. Those banks include JPMorgan Chase, Bank of America, Citigroup, and more.

While that gives the tech company a share of the more than $40 billion that banks generate annually from so-called swipe fees, lenders expect to benefit as consumers spend more of their money via mobile phones and other digital devices, the person said.

The sources cited did not specify the exact size of the fee, noting that it could vary or be tied to the value of the purchases made by the consumer. During its announcement today, Apple stated that Apple Pay would be enabled at over 220,000 U.S. merchants including McDonalds, Macy's, Walgreens, Nike, and more. Apple Pay will also be compatible with American Express, Mastercard, and Visa credit and debit cards.

Apple Pay utilizes the Touch ID fingerprint sensor, a new "Secure Element" functionality, and the NFC antenna on the iPhone 6 and iPhone 6 Plus in conjunction with a credit card stored on iTunes to make payments. Apple Pay will also be compatible with the Apple Watch when it launches early next year.

A short time after today's media event, Apple CEO Tim Cook did an exclusive one-on-one interview with David Muir of ABC News, speaking on the company's new products and former CEO Steve Jobs. Now, ABC News has shared a clip of an interview with Apple design head Jony Ive, who spoke on the Apple Watch and its development process.

Muir: How many different versions of the Apple Watch are there?

Ive: I think we were talking about this earlier, and when you actually do the calculations, it's millions and millions.

Muir: Millions and millions?

Ive: That's right, there are different materials for the actual case, there's two different sizes, you can choose one of six different straps or bands. But, the way we treated this from a design point of view wasn't that you had hardware and then software. Our experience as customers, as users, is that they're one and the same. So we designed the user interface, gave people multiple choices, for example in terms of just watch faces.

Ive also noted that he was "very proud" of the work that Apple's design team has done, stating that the company's new iPhones and the Apple Watch are its "best work yet." The designer also stated that Apple has always tried to design products that people want to use as opposed to begrudgingly having to use them, setting a high bar to create a "desirable and personal" product with the Apple Watch.

The full length interviews with Jony Ive and Tim Cook aired earlier tonight and should be posted online soon.

While Apple announced the Apple Watch today at its special event, it didn't go over all of the new device's features, noting that the company has a lot more to share in the future. Yahoo Tech's David Pogue has found out some of the details Apple didn't share on stage.

The watch is water resistant, allowing users to not worry about the device when in the rain, or washing hands. However, the watch must be taken off before going for a swim or taking a shower. Additionally, the watch includes a microphone that can allow users to make calls directly from their Apple Watch.

Users will also be able to load apps onto the Apple Watch from their iPhone. To rearrange the apps, users will have to hold their finger on an app's icon and move it around, similar to how one rearranges icons on an iPhone. There's also a "Ping My iPhone" feature, which will allow users to play a sound on their iPhone so they can locate it in case they have misplaced it.

Finally, Pogue explains that the Apple Watch Edition, the most high end of the Apple Watches, comes with a special box.

The fanciest model, the gold Apple [Watch] Edition, comes in a gorgeous jewelry box — which doubles as a charger. The back of the box has a Lightning connector, and the inside of the box has the watch’s magnetic round charger pad, standing vertically. So as you retire each night, you can just lay your gold watch into its case and let it charge.

Additionally, Re/code's Ina Fried says that the offline abilities of the Apple Watch include Apple Pay, music via Bluetooth, activity tracking and some apps.

The Apple Watch will launch in early 2015 with its lowest end model costing $350.

In an interview with the The Wall Street Journal following today's media event, Apple CEO Tim Cook stated that the company expects the launch of the iPhone 6 and iPhone 6 Plus to trigger "the mother of all upgrades" as consumers consider their next smartphone purchase. Cook also added that he expects Android users to look at switching to the iPhone, claiming that the phones are "appreciably better in every single way".

Cook said Apple’s efforts in payments were “classic Apple” in taking a complex problem and making it simple. “Yes, there is going to be some economic benefit, but from a customer point of view, it takes something that’s way too hard and insecure and makes it so easy and fast.”

Finally, Cook said the Apple Watch was the byproduct of deep thinking about every aspect of the product, and only possible because of collaboration among Apple’s hardware, software and services teams. He believes that will differentiate Apple’s smartwatch from other devices, which have recorded tepid sales.

Both the iPhone 6 and the iPhone 6 Plus will launch on September 19, with pre-orders starting this Friday, September 12. The iPhone 6 will be available in 16 GB, 64 GB, and 128 GB variants for $199, $299, and $399, while the iPhone 6 Plus will be available in the same storage capacities for $299, $399, and $499, respectively.

Alongside the Apple Watch and iPhone 6, Apple today unveiled Apple Pay, its mobile payments initiative that allows users to pay for items either by waving their iPhone or Apple Watch at a checkout counter or by using Touch ID after clicking the Apple Pay button in an app like Uber. Following that event, Apple invited members of the press to try out the new payment service with the iPhone 6 and iPhone 6 Plus.

According to The Verge, the system worked "remarkably smooth" and was the "smoothest payment system" they've seen. They note that Touch ID adds a "real sense of security" and that the entire process is cohesive. However, they do wonder whether it'll work the same in the opening months of the service when retailers are adjusting to the process and the software is in early days.

The phone was loaded up with a handful of credit cards, and holding the top of the phone about an inch from the card reader with my thumb on the TouchID home button triggered a payment from the default card in about five to 10 seconds. If you want to use a different card, just leave your finger off the home button and you'll see a Passbook-style card stack at the bottom of the screen, which you can tap on to bring up the full list and pick the card you want. Then you just put your finger on the reader and you're good to go.

Slashgear agrees that the process is "pretty darn easy", noting that using the iPhone to pay for something is far more of a swift experience than pulling out a credit card, swiping it, and typing in a pin or signing a receipt. Users can add credit cards to Apple Pay by taking a photo of their card.

Setup involves either granting Apple Pay access to whatever existing credit card you have on file with iTunes or adding a second card: you can do that by taking a photo of the card itself. We've seen the same system used in Uber's app, among others, and generally it does a solid job of recognizing characters.

In an interview with ABC's David Muir, Tim Cook commented that Apple Pay is "incredibly safe" and that Apple is setting a high bar with Apple Pay. Cook went on to say that "it's the most secure thing out there" when told by Muir that some people's confidence in the company's security might be shaken after celebrities iCloud accounts were hacked.

Apple Pay will roll out to 222,000 retail locations across the country. The service will launch next month as a part of iOS 8.

At its special media event today, Apple unveiled its Apple Watch, showing off a variety of ways to use the device and its apps. However, Apple's presentation and videos did not directly address how the device would work for left-handed users.

Now, Slashgear has new information on how the device will work for left-handed individuals. According to Apple, users will be able to choose what way the watch's interface orients upon starting up the device for the first time. The bands for the Apple Watch are also swappable, enabling users to ensure the the device is not facing the opposite direction. However, left-handed users will still be required to adapt to the Digital Crown input on the Apple Watch, which is on the bottom left side when the device is worn on the correct wrist.

The Apple Watch will launch in early 2015 at a starting price of $349, and will be available two separate screen sizes of 38mm and 42mm. Apple will also ship 18 different watch straps that are easily interchangeable alongside its different color and material choices.

Apple has posted the full video of today's special media event on its website. The video should also be made avaliable later today on the Apple Keynotes podcast, which can found on the iTunes Store. [Podcast links: Keynotes, Keynotes in HD, Keynotes in 1080p HD]

Apple has also uploaded its "Perspective" video seen at the beginning of the event.

Media Event Highlights:

- Apple Announces Apple Watch, Available in Early 2015 for $349
- Apple Announces 4.7-Inch iPhone 6 and 5.5-Inch iPhone 6 Plus, Launching September 19
- Apple Announces 'Apple Pay' Mobile Payment Solution, Enabled at Over 220,000 U.S. Merchants
- iOS 8 Launching on September 17
- Apple Seeds iOS 8 Golden Master to Developers Ahead of September 17 Public Launch

Following today's media event that saw Apple revealing two new iPhones, a wearable device, and its payments initiative, Tim Cook did an exclusive one-on-one interview with ABC News' David Muir.

In a clip of the interview shared by ABC News, Muir asks Cook if he was thinking about Steve Jobs' during today's event, which took place at the Flint Center at De Anza College, the same location where Jobs unveiled the original Mac in 1984. Cook responded that he thinks of Jobs all the time, and that he believes Jobs would be "incredibly proud" to see the company today.

I think about Steve a lot. I love Steve dearly. There's not a day that goes by that I don't think of him. This morning, being here, I especially thought about him and I think he would be incredibly proud to see the company that he left us -- which I think was one of his greatest gifts to mankind, the company itself -- be doing what it's doing today. I think he's smiling right now.

Jobs apparently was not aware that an Apple Watch was coming, as Apple began work on the device after his passing. According to Cook, though, the "foundation" that Jobs left can be seen in all of the work that Apple is doing today.

His thinking and his taste and his incredible perfectionist kind of view, and his view that you should always innovate, all of those things are alive and well in the company. And I think they always will be. I think his DNA will always be the foundation of Apple.

More of Tim Cook's exclusive interview with David Muir will be available on World News Tonight later today.

After today's media event saw the introduction of two new iPhones and Apple's first wearable device, members of the press were invited to go hands-on with all of Apple's new products. Several sites are now posting hands-on first impressions of both the new iPhone 6 and iPhone 6 Plus, which we've gathered up below to give users an overall picture of the look and feel of the larger-screened phones.

Jared Nelson from our sister site TouchArcade took a look at both the iPhone 6 and the iPhone 6 Plus. According to Nelson, the 5.5-inch iPhone 6 Plus is actually "manageably large" and the screen is "amazing" for tasks like watching videos, reading texts, and gaming. He says the new Retina Display HD screens look "absolutely incredible" in person.

The protruding camera is a indeed a bit strange; I can't help but wish Apple would ease up on its relentless pursuit of thinness in favor of a slightly thicker phone with longer battery life, but like I said, the thinness is what makes the large size manageable.

And that large size is pretty key; this is the phone that's going to force Apple to turn the iPad into a true laptop competitor. I have an iPad mini that will never come out again once I get this phone; I have an iPad Air that will need a better reason to come out than simply the size of its screen.

Engadget has similar thoughts about the 5.5-inch iPhone 6 Plus, also noting that the phone's curved edges are "easier to grip" than originally expected." Though the 5.5-inch iPhone 6 has a resolution of 1920x1080, Engadget says there wasn't much difference between the displays of the 4.7 and 5.5-inch iPhones. The site also points out a few of the differences between the two phones, including the 0.2mm difference in thickness (4.7 is 6.9mm, 5.5 is 7.1mm) and the increased battery life of the larger phone.

With it being a brief hands-on, I wasn't able to notice a large enough difference between the two; both looked sharp, clean and had great viewing angles. I'll be able to go into more detail when review units grace my desk, but for now, I'm satisfied enough with the visual quality, and I doubt the difference in pixel density will be a critical factor when choosing between the two sizes.

Gizmodo's first note on the 4.7-inch iPhone 6 is that it "feels like an iPhone." The site was not a fan of the antenna bands on the back, which it says are "not all that pretty," but it did like the Retina HD screen on the device, saying its "brilliant." As for the larger iPhone 6 Plus, Gizmodo called it "HUGE!"

It's amazingly thin, and incredibly solid, but it barely fits into my hand at all. Just see how those fingers struggle to grasp the new iPhone in the picture above.

Combined with those slick, beautifully machined metal edges, now rounded like an iPod touch or iPad mini instead of chamfered, I was honestly scared I would drop and break the giant handset right there in the Apple tent.

Gizmodo also delves into Apple's one-handed mode, which shrinks anything on the phone's screen into thumb's reach with a double tap on the Touch ID home button.

But if you do want to use it one-handed, then boy does Apple have a smart solution for that. Double-tap the Touch ID sensor (don't press it, I learned the hard way) from LITERALLY ANYWHERE in the entire iPhone interface, including the homescreen, and everything on the top half of the phone's screen, every icon, will shrink down to put itself within your thumb's easy reach.

Apple's iPhone 6 and iPhone 6 Plus have nearly identical specifications. Aside from the difference in screen size, the larger iPhone has a longer battery life and optical image stabilization to differentiate it. It also comes with a $100 price premium.

Apple's two iPhones will be available beginning on Friday, September 19, with pre-orders for the devices starting this Friday, September 12. Prices for the 4.7-inch version start at $199, while prices for the 5.5-inch version start at $299.

Following today's media event that saw the introduction of two new iPhones and Apple's long-rumored wearable device, members of the press were invited to go hands-on with all of Apple's new products. Several sites have posted hands-on first impressions of the Apple Watch, which we've gathered up below to give an overall picture of the look, feel, and function of the device.

First of all, Jared Nelson from our sister site TouchArcade was able to get a hands-on glimpse at the Watch, and an overview from an Apple employee who walked him through several different features on the device. "We are truly living in the future," said Nelson after trying out both the Watch and the iPhone 6.

The "digital crown" that Tim Cook spent so much time enthusing about on stage did its job when an Apple representative showed it to us, but unfortunately I wasn't able to try it for myself. That said, if the model running the demo loop is any indication, the dial offers very little resistance. It didn't exactly spin around freely, but neither did I feel any clicking or other forceful feedback as I twisted it. Presumably the feeling that I wasn't getting much feedback from the dial itself is mostly a function of the fact that it wasn't doing anything on the demo unit -- and so spinning it will feel quite different when it's moving software around.

Engadget also got a chance to try out the watch, but wasn't able to test specific features as the demo units were only displaying screenshots. The site tried both the polished steel version with a leather loop strap and the aluminum Sport version, saying that both had an "impeccable" build quality.

The bands were both comfy, though I preferred the look and feel of the leather loop. The magnets inside the leather seem to do the job of clasping well, though without the same magnetic force as those accustomed to the MagSafe connectors found on Apple laptops. As for the rubber sport band, I had some trouble fitting the metal nubbin into its appropriate hole, and I got a little pinch on the underside of my wrist when tucking it into the band. We imagine we'd get the hang of fitting it quickly and painlessly eventually, but our first time strapping it on was not all pleasant.

Gizmodo's first impression of the Apple Watch is that it "could live up to its promises" and that it feels "significantly more premium" than the LG G Watch and the Samsung Gear Live. The site also praised the "digital crown," saying that "it feels like you're wearing a watch that just happens to be digital."

As for the software, I wish I could tell you more. I watched my new Apple friend demonstrate Glances, which brings up Google Now-like info cards with an upward swipe, that can be rotated through with subsequent right and left swipage. I can confirm that it works, and that it was zippy, at least on this pre-release model.

SlashGear says that the Watch's display is "bright and vivid," and that Apple's choice of materials makes the device feel "premium and solid."

What helps differentiate the Apple Watch from other smartwatch attempts is the sheer range of options and customizations possible. Other platforms perhaps allow for a couple of strap changes, and maybe two or three case colors; Apple, on the other hand, has put out a full three ranges of different options.

Different straps, different clasps, different colors of straps and clasps; metal, leather, rubber, and all in different colors and finishes. That's before you get to the variations in casing color and even material, ranging to premium 18 karat gold.

Based on the several first impressions of the device, it appears that Apple has quite a bit of work to do to perfect the software and the interface, even if the device itself appears complete hardware-wise. Apple is planning to wait until early 2015 to debut the device, which gives it plenty of time to iron out the kinks. Check out our full Apple Watch post for more details on the device.