|iPhone 6 and iPhone 6 Plus owners will be able to use the service, which will be enabled by a free software update to iOS 8.|
Users of the iPad Air 2 and iPad mini 3, which Apple unveiled today, will also be able to use Apple Pay for purchases within apps.
Employing NFC technology and Apple's Touch ID fingerprint screening technology, Apple Pay will allow users to make in-store payments by holding their iPhone 6 near a contactless reader with their finger on Touch ID.
A vibration and beep lets the user know when payment has been made.
Apple Pay supports credit and debit cards from American Express, MasterCard and Visa, with Apple stating more than 500 new banks across the US have signed on.
"Our team has worked incredibly hard to make Apple Pay private and secure, with the simplicity of a single touch of your finger," Eddy Cue, Apple senior vice president of internet software and services, stated.
"The reaction to Apple Pay has been amazing. We continue to add more Apple Pay-ready banks, credit card companies and merchants, and think our users will love paying with Apple Pay."
Apple has yet to confirm whether the service will launch in Australia.