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Apple Pay available on October 20th with 500 more banks on board

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When Apple first unveiled its Apple Pay payments system last month it promised the feature would be enabled as part of a software update in October. That software update, iOS 8.1, will debut alongside Apple Pay on October 20th, bringing Apple Pay to all iPhone 6 and iPhone 6 Plus owners. Apple has been working with American Express, Mastercard, and Visa to link credit cards to the Apple Pay service so you can simply tap an iPhone at stores like Walgreens, Macy’s, McDonald’s, Disney, and more. Since last month, Apple has added 500 new banks to the Apple Pay service.

Apple Pay uses a combination of the Touch ID fingerprint sensor and an NFC chip inside the iPhone 6 and iPhone 6 Plus to allow owners to touch a sensor at a store and confirm a payment with Touch ID. Developers will be able to take advantage of Apple Pay to integrate the system into their apps, allowing iPhone users to select Apple Pay as a payment method within an app and confirm with Touch ID.

Check out our Apple iPad and Mac liveblog for more!

The Verge's Apple Pay Hands On