Apple Pay will reportedly make its debut on Oct. 18, heralding a new type of mobile payment using Apple devices.  Considering the large number of Apple users worldwide, the new feature looks promising. And the benefits, it seems, far outweigh the perils of the new payment system.

Here five things that everyone should know about the new Apple payment system debuting this month.

Pay with just a click

Making payments using Apple Pay is quick and easy — it's as simple as a single tap. According to Apple's website, there is no need to open an app as users just need to place their finger on the Touch ID sensor, and the Near Field Communication antenna packed in the new iPhone 6 will do the rest. Moreover, the set-up is really simple as the credit and debit cards are stored in the Passbook, and users can add more cards through iTunes. One can enter their card information manually or through their device's iSight camera.

Can be used for in-apps payout

Apple Pay can also be used in making purchases in apps. Using the iPhone, a consumer can make checkouts by selecting Apple Pay and placing their finger on the Touch ID sensor.

Accepts major credit cards

Apple Pay works with major credit cards from top U.S. banks. Users can add multiple cards in the Passbook. By adding their cards and using Apple Pay, they will reap rewards and benefits.

Accepted in a number of stores

Currently, Apple Pay can be used in apps in App Store as well as in 220,000 stores that support contactless payments. Apple is adding more, and will regularly update the list of participating merchants.

More secured payment?

Apple claims that its new payment system is more secure compared to using actual credit and debit cards. The company also assures consumers that personal and financial information are never shared to the merchants when payment is being made. Moreover, Apple does not store payment transaction details.

But what happens when one loses their phone? They can use Find My iPhone, and put the device in Lost Mode or wipe out the iPhone completely. However, many are worried about the security of this new feature due to the recent controversy with Apple's iCloud. Also, the features may still come with bugs and issues, especially during the early phase after its roll-out.