Apple Pay Launching This Monday, October 20 with iOS 8.1

At its special event today, Apple announced that its Apple Pay mobile payments solution will launch on this Monday, October 20 with iOS 8.1.

 

The company also noted that it had signed on another 500 banks to work with Apple Pay since announcing the service last month.

Apple Pay will be compatible with iPhone 6 and iPhone 6 Plus and will support the Apple Watch when it launches in 2015. Apple is emphasizing safety and security with Apple Pay, as users simply hold the iPhone 6 or iPhone 6 Plus to a receiver while holding the Touch ID home button. Card numbers are stored or shared in a “Secure Element” functionality, and are never visible to Apple or cashiers.

Apple Pay will first be available in the United States and will be compatible with American Express, MasterCard and Visa. Apple also lists Citi, Bank of America, Capital One, Wells Fargo, Chase, and a number of other banks as partners.