So it's official. As stated by Bank Innovation, Apple Pay will be released together with the iOS 8.1 firmware update on Oct. 20. Introduced during the iPhone 6 and iPhone 6 Plus release, the new mobile payment system will give its users the ability to buy from online and physical stores with only a few swipes.

The latest Apple smartphones are the perfect venue for the Apple Pay, having both near-field communication chips and Touch ID for easy and secure transactions. Users can pay and settle bills on a certified retailer via Apple Pay by swiping their iPhone 6 or iPhone 6 Plus right at the checkout.

To make all that happen, Apple already managed to establish partnerships with the biggest credit card companies and banking institutions for the success of the Apple Pay, some of which include Visa, MasterCard, and American Express, and also highly-esteemed banks such as Bank of America, Citi, Capital One Bank, Wells Fargo, and Chase. And for ultimate convenience, Apple Pay will also support 220,000 U.S. merchant locations, including McDonald's, Macy's, Walmart, Walgreen, Whole Foods Market, and Disney, among others.

In a recent report by Bank Innovation, Paypal is not part of the list as it opted to provide its service to Samsung, even in the middle of its negotiations with Apple.

Apple Pay will not be limited to the iPhone 6 and iPhone 6 Plus. A version compatible to future Apple products such as the Apple Watch and the iPad Air 2 will also be available.

It would make sense that the release of the latest mobile operating system will coincide with that of Apple Pay as the company recently released a beta version of iOS 8.1 with an integrated test code for the payment service.

Meanwhile, users are not too far from the official roll out of the iOS 8.1 firmware update that will be launched alongside Apple Pay on Oct. 20.