Sources Say Apply Pay to Launch October 20

Apple PayApple Pay might be released on October 20, according to Business Insider’s Sam Colt. Colt references rumors coming out of Bank Innovation, whose Ian Kar says sources close to Apple have indicated that Apple Pay will be rolled out with the iOS 8.1 update on Oct. 20.

The app is Apple’s venture into the mobile wallet game. The market hasn’t quite taken off despite longstanding efforts, but Apple could change that, given its consistent record of getting consumers excited about new technologies they never knew they needed, such as the iPad. Helping matters is the fact that Apple has already signed up major players such as MasterCard and McDonalds, who are betting that the mobile payment system is going to make a big splash.

Consumer advocates have warned about the dangers of allowing transactions via near-field communication technology, but Apple has apparently eased some of these concerns – at least with its participating retailers – with its use of biometric security, in the form of its fingerprint-scanning Touch ID system. Will that be enough for consumers? (The answer is yes, obviously).