For those consumers eager to start paying for goods from their iPhone, it looks there might be a solid release date. Apple is rumored to launch the first mobile payment system, as part of iOS 8.1, on October 20th.
Back in September, Bank Innovation reported that Apple was already in the process of doing an early beta test for Apple Pay.
Apple Pay will use the NFC technology in both the iPhone 6 and 6 Plus to allow users to pay for goods at any supported location such as Bloomingdales, Whole Foods and McDonalds to just name a few. Starting sometime next year, Apple Pay will also work with the iPhone 5, 5s and 5c but only in collaboration with the Apple Watch, which still is TBD as far as the release dates goes.
Apple Pay will also be featured on the iPad with Touch ID, but will be just for purchasing things through applications, not at the point of sale via NFC. Thank goodness we're all safe from people whacking their iPads on terminals in the stores.
Apple partnered up with some big players in the payment space, which includes American Express, MasterCard and Visa and has promised all payment information will be encrypted for security purposes.