Apple is going to make smart phones even smarter, with the introduction of their new mobile payments system.

Speaking at the launch yesterday, company CEO Tim Cook said that Apple wants to “replace wallets”.

Apple Pay, as the product has been named, will enable users to pay for shopping by holding their device near a sensor that will pick up payment details.

Using near field communication (NFC) antenna, as well as a secure chip, users will be able to shop cash- and cardless.

“The amount of money spent in the U.S. through mobile proximity payments increased 114.5% last year, to $1.6 billion.”

Apple certainly is entering the market at a good time.

Supported by American Express, Visa and MasterCard, Apple Pay will be available in all Apple stores in the US, as well as stores like Sephora, Whole Foods, Bloomingdales, McDonald’s and Walgreens.

Happy shopping everyone!

Remember that for all your other Apple related needs and questions, speak to our guys over at Digicape.

Check out Fortune