He also mentions the phone as a tool for payment: > I'm going to assume you know what Apple Pay is: you use your iPhone, iPad, or Watch as a trusted, authentic

He also mentions the phone as a tool for payment: > I'm going to assume you know what Apple Pay is: you use your iPhone, iPad, or Watch as a trusted, authenticated identity token in a shop to pay for stuff. It ties into your bank account and basically your phone swallows your debit and credit card. I thought that was fairly explicit. If the phone (or watch...) is going to be the primary tool of payment than its security is paramount. Apple wants at least the same level of protection against tampering as the chip inside a modern credit card.