The California tech giant said its new iPad Air 2 would be thinner than its rivals, with upgraded graphics power and other features.
The new line-up aims to help Apple regain ground in a tablet market increasingly dominated by the rival Android platform.
Apple said its mobile payments system known as Apple Pay, allowing iPhone and iPad users to tap their devices to pay at retailers, would begin operations Monday with more banks and merchants on board.
The new design at 6.1 millimeters (0.24 inches) "makes it the world's thinnest tablet," the company's vice president Phil Schiller said.
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"It's so thin you can stack two of them and it will still be thinner than the original iPad."
The aluminum-body tablet uses a new A8X processor, and boasts up to 10 hours of battery life. It weighs 435 grams (0.96 pounds) and has twin cameras capable of producing high-definition videos.
The new slimmed-down tablet comes after last year's iPad launch prompted rivals to say they had a slimmer profile.
Apple also upgraded its smaller tablet, called the iPad Mini 3, which will also have the Touch ID system.
Pricing will start at USD 399 for the new iPad mini, and USD 499 for the iPad Air 2. Apple will cut prices for the current iPad models.
Apple chief Tim Cook said the iPad has been wildly successful, with 225 million units sold in the four years since the initial launch.
According to Strategy Analytics, Android grabbed 70 percent of the tablet market in the second quarter, to 25 percent for Apple, even if it remains the largest single vendor.