For many years, critics of Apple have been quick to point out that while the company prides itself on innovation, it is behind the times in regards to mobile payments. A lack of NFC technology, despite rumors that have circulated for years prior to each unveiling of a new mobile device, has prevented Apple from having any significant impact in the industry. On Tuesday, CEO Tim Cook and other Apple executives put an end to the scrutiny by unveiling Apple Pay, which the company believes will revolutionize the payments process.

This October, Apple users with the appropriate devices — for now, this means those who buy the iPhone 6 or iPhone 6 Plus when both launch towards the end of the month or those who wait and buy an Apple Watch early next year — will be able to pay for goods at participating retailers without ever pulling a credit card out of their wallet. Apple is partnering with Visa, MasterCard and American Express, in addition to companies like McDonald's, Target, Starbucks and Whole Foods to provide users with an efficient, simple and most of all secure payment experience.

Security was a strong theme throughout the course of the presentation. Although iPhones and the new Apple Watch will be used to pay for items by linking to credit card account numbers, the information will not be stored on the devices themselves. This alleviates the risk of having sensitive financial data stolen should a user lose his or her phone. It should help with PCI compliance efforts as well if merchants are not taking extra risks by processing vulnerable payment data.

There is still much to learn about the Apple Pay system as its launch date gets closer, so it's important for merchants to ensure they are prepared to capitalize on the new technology.