‘iPhone 6 owners to use their handset as credit card from Oct 20’

Now, it has been claimed that owners will finally be able to throw away their wallets on October 20.
Apple Pay is compatible with the iPhone 6, iPhone 6 Plus and the Apple Watch.
The mobile system works by holding the phone up to a card reader and pressing a finger on the TouchID button. This confirms the person’s identity, and the payment is simply made as if the user had presented and signed their card. All details are encrypted and the system stores payment information securely.
If an iPhone is lost, users can suspend all payments via the Find my iPhone service.
According to Bank Innovation, this is when Apple will release iOS 8.1, which contains the feature.
“Based on multiple sources close to Apple, Bank Innovation has learned that iOS 8.1 will include Apple Pay, and the current expected timetable for the public release is schedule for October 20,”the site said.
Sources who spoke to Bank Innovation indicated that the public release of iOS 8.1 will be sometime in October and may have improvements for other Apple services.
It is believed the feature could be launched at an event where new iPads and Mac software will also be released.
“We expect that the iOS 8.1 release will be timed to the still-unconfirmed October event held by Apple to announce their new iPad devices, as other websites have previously reported and Bank Innovation has heard rumors about, as well.”
Apple Pay is designed to let iPhone 6 and 6 Plus owners use their smartphones to pay for purchases at shops as well as online via apps.
The service will also be available on Apple Watch.
The mobile system works by holding phone up to a generic card reader and pressing a finger on the TouchID button.
The NFC chip is fitted across the top of the phone.
All details are encrypted and the system stores payment information securely. It uses the Passbook app and cards that are already on file with iTunes can be saved to it.
Users can also take a picture of their own credit card and add it to the account. This is verified by the card’s bank before being accepted.