Apple CEO Tim Cook today announced that Apple Pay, the company’s new mobile payment system, will come out Monday, Oct. 20.
Apple Pay works with American Express, Mastercard and Visa. Cook said that 500 more banks have signed up to work with Apple Pay since the technology was originally announced last month.
Apple Pay will take advantage of the iPhone’s NFC and Touch ID technology to authenticate mobile payments.
Cook also shared some news about the Apple Watch. The device itself is still slated to ship in early 2015 but WatchKit for developers will be released next month.
The Apple Watch is priced at $350.