Is Apple Pay the Future of Mobile Payments?

Remember that Seinfeld episode where George Costanza stuffs so much into his wallet that his pants rip?

Well if Apple has its way, that episode could become as obsolete as the horse and buggy.

This week the tech giant joined the likes of Google and other smaller services in the effort to get us all to switch to mobile payment. That’s where you just swipe your cellphone at the checkout line—and that’s it. Consumers haven’t fully embraced the technology yet, in part because of tech glitches, security concerns and just plain lack of interest.

But that could change with Apple Pay, a mobile payments service that uses a chip embedded in the tech company’s new smartphones and smart watch. Maria Aspan is a senior editor for Inc. magazine.