Apple Inc. (AAPL) Might Release Its Payment Platform On October 20

Many people had expected that Apple Inc. (NASDAQ:AAPL) would release its new payment platform with iPhone 6 and iPhone 6 Plus. But that wasn’t the case, and the Cupertino, California-based company made it clear that users would begin making use of the platform at a later date.

Sources close to the company have revealed to Bank Innovation that Apple Pay could be available with iOS 8.1, which is scheduled to be released on October 20. Apple Inc. (NASDAQ:AAPL) website just says “Available in October” without giving a specific date. The new payment system will enable users to shop at selected shops without having to carry physical cards. The platform uses the near-field communication technology, or popularly NFC.

Apple (AAPL)

Other varied sources have also disclosed that the private beta version of iOS 8.1 has some hidden code that allows the company to test Apple Pay before it’s fully rolled out. The beta version is said to have been availed only to developers.

Apple Inc. (NASDAQ:AAPL) revealed that the new payment system will also be available for Apple Watch users, the first wearable released by the company. Apple iPhone 6 and iPhone 6 Plus users will have to update their iOS to the new iOS 8.1 version in order to enjoy Apple Pay service.

The company has signed deals with major payment systems like MasterCard, American Express Company, and Visa Inc. The company has also partnered with major retail stores to be able to roll out the system as soon as it’s released.

The release of iOS 8.1 is also expected to provide users with better functions and possibly new features.

However, it’s not the first time that mobile wallets have come to the market; what’s to be seen is whether Apple Inc. (NASDAQ:AAPL) will be able to make it widely adopted as a secure payment method.

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