It's that time of year again, one many Apple geeks wait months for amid swirling speculation and scuttlebutt. 

Yes, it's time for a new iPhone. Two of them in fact. And as the cherry on the cake Apple also released its first watch.

Bigger is better

As expected, Apple CEO TIm Cook yesterday unveiled two new iPhone 6's. One, dubbed the iPhone 6 Plus, is the largest iPhone ever built.

At 5.5 inches the handset moves firmly into the “phablet” category dominated by Samsung.

The new phones come in gold, silver and space grey and are not only thinner than their predecessors, they hold more memory (up to 128GB).

iWatch

Creating even more of stir was the announcement of Apple's first foray into the relatively obscure world of smart watches.

The Apple Watch (conspicuously not named the iWatch) features a touchscreen and includes apps such as maps, photos and music.

The Apple Watch also monitors pulse rate and comes with a range of health tracking features. It requires an iPhone to operate but won't be available until early 2015.

ApplePay

But perhaps the biggest announcement came with ApplePay.

The system allows consumers to use their phone to make touch payments at retailers. ApplePay will use credit card data from a user's iTunes account, or a card that's been added using the iPhone's iSight camera.

ApplePay will only be available for iPhone 6 users in the US initially, with a wider roll out expected later in the year.

If it takes off, Apple will be hoping ApplePay eats into the market share of rival products such as PayPal's One Touch Payment.

And if things go really well, perhaps even foretell the end of the humble wallet. 

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