Last Updated Sep 9, 2014 2:03 PM EDT

Apple (AAPL) on Tuesday introduced two new iPhones, its long-awaited Apple Watch and a mobile payment system as part of a marketing blitz aimed at drumming up consumer excitement. Now the question is whether the new gear will live up to the hype.

Speaking from the Flint Performing Arts Center in Apple’s hometown of Cupertino, Calif., Apple marketing chief Philip Schiller kept the audience waiting beyond the scheduled 1 p.m. ET start of the marketing extravaganza, a fitting delay for a company that has kept its fans waiting for a new product.

First up was the company’s new larger, thinneriPhone 6, which features an aluminum body and glass front that curves around the sides. The base model comes with a 4.7-inch screen and the other, dubbed the iPhone 6 Plus, has a 5.5 inch-screen. The iPhone 6 screen has over 1 million pixels, while the iPhone 6 Plus has over 2 million pixels, Schiller said, emphasizing what he called the the devices’ “stunning display.”

Gesturing toward giant photos of a lizard and a butterfly projected on-stage, Schiller also highlighted the new iPhone’s enhanced camera, which he said includes image-stabilization functionality.

With a two-year contract, the iPhone 6 will cost $199 for a model with 16 gigabytes of memory, $299 for the 64GB phone and $399 for 128GB. The iPhone 6 Plus is priced at $299 (16GB), $399 (64GB) and $499 (128GB).

The technology giant has much riding on the popular reception to its new iPhone, sales of which drive most of the company’s profits and which account for more than half of its revenue. But any new offerings from Apple may be even more important, as the company seeks to entice customers with an expanded lineup of products and services.

To that end, Apple CEO Tim Cook introduced the company’s new mobile payments tool, called Apple Pay, which aims to let users make purchases from their iPhones. He noted that Americans make roughly 200 million payments per day, but called the process “antiquated.” With Apple Pay, consumers can pay for goods without sharing credit card, address and other personal information with a merchant, Cook said.Screen Shot 2014-09-09 at 2.26.46 PM

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