Today Apple delivered the news mobile payments enthusiasts have been waiting for: Touch ID will soon work with third party apps.

The feature was previously limited to authorizing purchases on iTunes and the iOS app store.

Announced today at Apple’s WorldWide Developers Conference (WWDC 2014), this could be a stepping stone to using the thumbprint scanner on the iPhone for both online and in-store purchases.

Touch ID adds another layer of security between users and apps. Users can authenticate themselves and authorize purchases simply by holding their thumb to the button on the iPhone 5S, and many more — if not all — Apple devices going forward.

This news could have wide-ranging implications for financial applications and mobile purchases. In the WWDC demo, Apple showed off the full power of granting third-party access to Touch ID by logging into Mint, the personal finance management app from Intuit. The implication is that biometric security keeps users’ financial information safe. With iPhone theft becoming a big problem, adding a biometric security layer can help thieves from accessing privileged financial data.

Third-party integration for Touch ID can play a big role in mobile retail and shopping by reducing friction in the buying process. Imagine an Amazon purchase with just the touch of a thumb. The iPhoen is already a valuable sales channel for many app-based and online retailers, and this will only add to its popularity.

Touch ID integration, combined with iBeacon technology that was introduced in iOS 7, could also transform in-store shopping. Bank Innovation spoke to Javelin payment analyst Nick Holland, who spoke about a future where iBeacon and Touch ID would work hand in hand to create a quick and easy in-store payment method.

Holland outlined an Uber-like environment where a store’s sales system, combined with Apple’s iBeacon technology, would let users essentially “check-out” and conduct transactions by themselves, eliminating the need for terminals and the transaction process altogether. Holland likened the idea to the concept of the “fast lane,” where users don’t have to wait in long lines and can self-authenticate the transaction using Touch ID. There are some issues still to be resolved, such as security and risk management, but once those are resolved, the combination of iBeacon and Touch ID could powerfully affect the payments industry.