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NEW YORK (TheStreet) –– Apple (AAPL - Get Report) held its big event in Cupertino, Calif. where it demonstrated the latest iPhones, a new wearable device and a revolutionary mobile payments system.

Apple announced the next iPhones, dubbed the iPhone 6 and iPhone 6 Plus will come in two sizes, both a 4.7-inch version and a 5.5-inch version, which may allow the company to charge more for a larger phone, given demand for Apple products. Both phones will be available on Sept. 12 for pre-order, and available on Sept. 19. The iPhone 6 will start at $199 on a two-year contract, while the 6 Plus will start at $299.

CEO Tim Cook also unveiled Apple's smart watch, dubbed the Apple Watch. It has 3 editions (Apple Edition, Apple Sport, and Apple Watch), and works with iPhone 6, 6 Plus, 5, 5C, and 5S. It starts at $349, and will be available in "early 2015."

Apple also introduced a mobile payments service with its new offerings. Dubbed Apple Pay, it works with American Express (AXP) , Visa (V) and MasterCard (MA) , as well as the big banks, including Citigroup (C) , Chase (JPM) , Capital One (COF) , Wells Fargo (WFC) , and Bank of America (BAC) . Apple also signed up a slew of retailer partners for the service, including Macy's (M) , Bloomingdales, Target (TGT) , Subway, Walgreens (WAG) , Duane Reade, McDonald's (MCD) , Starbucks (SBUX) and Whole Foods (WFM) , to name a few.


--Written by Chris Ciaccia in San Francisco

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