Apple's event in Cupertino on Tuesday wasn't all about iPhones. CEO Tim Cook also took the stage to launch the company's new wallet-killer technology, ApplePay.

Apple Pay FAQs: Will Apple Pay work in the UK, is Apple Pay secure and more questions answered

The new payment process works using NFC (near-field communication) technology, so all you have to do is hold your phone to a sensor at the cash register, then use TouchID to complete the process. ApplePay will be exclusive to the iPhone 6 and 6 Plus, because the new phones are equipped with the requisite NFC radio antenna.

Apple is opening an ApplePay API to developers in iOS 8, and will officially launch its wallet replacement as an update to the new OS next month. When ApplePay is available to use, simply take a photo of your credit card with your new iPhone, verify the card, then store it to Passbook. Apple is working with credit card companies American Express, MasterCard, and Visa, and six of the largest U.S. banks. Retailers on board include Macys, Walgreens, and Staples.

We'll have more details as we get them.