Apple's New Payments Platform May Arrive Oct. 20

Apple's new payment platform, Apple Pay, might launch with the rollout of iOS 8.1 on Oct. 20, according to Bank Innovation's Ian Kar.

Sources close to Apple told Kar the exact timetable isn't set yet, but Apple Pay will be available for iPhone 6 and iPhone 6 Plus users once they download iOS 8.1, which means customers should be able to use the new feature by Halloween.

Apple Pay was announced at Apple's iPhone and Apple Watch event last month. With near-field communication (NFC), the company's Touch ID fingerprint sensor, and "the secure element" that encrypts all data (keeping it safe from third parties and even Apple), Apple Pay will let iPhone 6 and Apple Watch users pay for goods in online and physical stores directly from their devices - no wallet necessary.

The company has already signed up the major credit card companies as well as some big name retailers so far. Apple hopes its platform will appeal to consumers looking for a simple, secure way to buy things.

Mobile wallets have been around for a while, but efforts thus far have not gained traction with customers. We'll have to wait until next month to see if Apple becomes the company to spur mass adoption of this new way to pay.