Apple announced last September that they are developing a one-tap payment system, and the tech giant has already made the public aware that the system will be introduced this October.  While no specific release date has been announced, Apple Pay is speculated to be launched on Saturday, Oct. 18, as reported by Time.  The company, however, has another event coming up on Thursday, Oct. 16.

It has been reported that over 200,000 stores will be participating, and they will be equipped and capable of accepting smartphone payments through Apple Pay starting on the date the system is launched. The list of merchants include McDonald's, Walgreens, Macy's, Whole Foods, and Duane Reade, to name a few.

However, at least nine million more business establishments in the United States are relying solely on payments that are made in cash or through credit cards.

Apple Pay is expected to work on the latest Apple devices, including the iPhone 6 and the Apple Watch, enabling users to purchase a product or service by swiping the device past a checkout counter that has a Near Field Communication (NFC) chip.  With a fingerprint, a person's identity can be confirmed, and the purchase on the credit card can be cleared as it is preloaded into the system.

Users can get started with Apple Pay by going to their Passbook app during the iOS 8 setup or through a Settings section known as Passbook & Apple Pay.  Information relating to credit or debit cards can then be added to Passbook by using one's iTunes account or by simply scanning the details through the phone's camera.

Interestingly, a maximum of eight credit and/or debit cards can be stored, as reported by CNET. As such, users will be able to rely on the new Passbook & Apple Pay in monitoring their purchases and other relevant information.  From recent transactions to direct communication with a bank, the service is expected to track down and facilitate these purchase-related processes for its users.