It’s official: Apple Pay set to launch on Monday, October 20

Today, Apple has unveiled its new mobile payment service, NFC based Apple Pay in iPad Conference. Apple announced that it will roll out the service on October 20 with iOS 8.1 update.

Apple Pay is going to revolutionize payments and transactions industry by introducing more safety and privacy. Your dependency on the wallet will be minimized and you will no longer have to waste time looking for the right card while shopping. Apple is all set to give its best to the world, by making sure that we remain hassle free while buying stuff or paying bills.

Apple has informed that more than 500 banks will support the Apple Pay service and also showed the list of retailers who has signed up with the Apple Pay service.

This service will let you use one time payment method and the merchant/retailer will never know about your credit card details and other personal information. Not only Apple Pay, but also Google Wallet has used the NFC based payment service. But, Apple comes with Touch ID authentication while making transactions via iPhone.

 Apple Pay comes with support of Visa, Mastercard, American Express cards and more than 500 banks all over the globe. Meanwhile, Apple’s recent iOS 8.0.2 update has been criticized for having Wi-Fi and Bluetooth related issues. Prior to this, Apple iOS 8.0.1 update created more issues than the issues it fixed, and then the company quickly pulled the update and released the iOS 8.0.2. As of now, iOS users are eagerly waiting for the major software update that could essentially lead the jailbreakers to create a stable tool.