As per the Bank Innovation blog, Apple’s new mobile payment platform Apple Pay is going to be released with the next update of its latest iOS 8.1 slated for October 20.
Apple had also confirmed earlier at their September 9 event that their Apple Pay would be coming out sometime in October, so bank Innovation may be right about this.
This feature uses NFC (Near Field Technology) and is supposed to be able to make payments extremely easy. Users of Apple Pay just have to tap their smartphone onto a payment terminal and verify their identification using their fingerprint.
Most major banks and retail shops are already on board with Apple pay, to begin with we will see McDonald's, Macy's, Walgreens and Subway as partners to the technology.
Bank Innovation were also the ones who claimed that Apple is not happy with the fact that PayPal partnered with Samsung for their smartphone and thus the company will not be including them for Apple Pay.