Apple Pay goes live on 20 October and will add 500 banks in next 12 months

Apple Pay has pledged to sign up 500 banks to its new mobile payments service in the 12 months following its initial launch stateside on 20 October.

Read more: Senior exec ‘pessimistic’ about Apple Pay

The announcement eked out during yesterday’s busy launch event that also saw confirmation that the service will start on 20 October as part of the iOS 8.1 update.

“The reaction to Apple Pay has been amazing. We continue to add more Apple Pay ready banks, credit card companies and merchants, and think our users will love paying with Apple Pay,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services.

It’s unclear whether any banks will offer the service from launch though Citi, Bank of America, Capital One, Wells Fargo, Chase, American Express PNC, Navy Federal Credit Union, Barclays, USBank and USAA are among those that have signed up.

Apple Pay can be used to pay for items in store using an iPhone 6, 6 Plus or Apple Watch by keeping your finger on the Touch ID pad whilst holding the smartphone close to a contact reader. All 262 Apple retail stores in the US will offer support for the service in addition to various other retailers including Foot Locker, McDonald’s, Nike, Subway, Whole Foods and many more.

Apple also announced that its new iPad Air 2 and iPad mini 3 have support for Apple Pay through the Touch ID pad though owners of the two slates will be limited to online shopping within apps.

Read more: Startup Stripe lands Apple Pay recognition

Over in the US many are still sceptical about the new payments service and Walmart, one of the country’s largest retailers, has already decided to opt for competitor CurrentC to handle its payments therefore leaving Apple Pay to go elsewhere.