The iconic creator of iPods and iPads also announced its foray into payments with Apple Pay.

"Apple Pay will work with the three major payment networks: American Express, MasterCard, and Visa. Apple Pay will be available in the US in October 2014. And work is underway to take it worldwide in the near future," Cook said.
    
With Apple Pay, users will be able to check out with one tap, making purchasing through apps easier, more secure, and private.
    
Merchants like Target, Groupon are already on board, with others like Disney, Chipotle, and MLB.com coming in by the end of the year.
    
Each phone will come equipped with its new payments service, which launches in the United States next month and allows users to pay for items in stores with their phones instead of physically presenting their credit or debit cards.
               
Launch partners include Walt Disney Co, McDonald's  and Whole Foods. The move gives Apple access to a trove of data on how consumers shop in brick and mortar stores, where more than 90 percent of U.S. retail sales are still conducted.
               
Each new iPhone will come with a "secure element" chip and a near-field communications, or NFC, antenna.
               
Ben Milne, CEO of Internet payment network Dwolla, wanted to hear a lot more about how Apple will tackle the aging payments infrastructure. Apple Pay should get some level of mass adoption based on the number of iPhones out there, but Apple will have to tackle the current high costs of payment processing to make its new feature more widespread.
               
"The old architecture that payments are driven on is not up to snuff for the future they want to build," Milne said.