Apple today announced that Apple Pay will go live Monday, October 20. Apple Pay is Apple's NFC-based mobile payment service. The service hooks into iPhone owners' iTunes accounts and the associated credit cards. Apple Pay will also (eventually) work with cards issued by more than 500 banks across 220,000 locations operated by dozens of retailers. Apple Pay is limited to the iPhone 6 and iPhone 6 Plus due to their embedded NFC radios. Apple Pay also works on the web, and can be used to make purchases from select online services.


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