Apple Pay launches Oct. 20, signs up 500 new banks

The payments solution Apple Pay comes online Monday, the company said at a press event today at its Cupertino, Calif., headquarters.

CEO Tim Cook says that since the September event, Apple has signed another 500 banks that will integrate with the technology. The application will work online as well as in mobile apps, and allows consumers to make payments using Apple’s Touch ID sensor.

Apple Pay is a near field communication (NFC)-enabled mobile payment application that lets consumers make in-store purchases on their phone with a single tap. Early reports suggested that adding credit cards to Apple Pay would be as simple as taking a photo of a credit card with the iPhone camera.

The new payment method was rumored to roll out this Saturday, according to a leaked internal memo from the Walgreens drug-store chain.

Though NFC payments have been around for a while, many think Apple’s product might have both the right timing and brand popularity to help the method catch on. Apple Pay first debuted at the company’s September event.

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