Apple Pay rolls out Oct. 20th

Apple CEO Tim Cook announced that it will be turning on Apple Pay on Oct. 20.

You can use Apple Pay to make purchases at Staples, Chevron, Subway, Walgreens, Urban Outfitters, Anthropologie, Bloomingdale's, Apple, and a slew of other stores.

The company has signed on 500 banks, in addition to majors like Bank of America, Wells Fargo, and Chase.

It will be simple to use, says Apple. Once you store your debit or credit card information in Apple Pay, which is accessible through Passbook, the system generates a token for one-time use. No need to enter or store card information in the apps you use on a regular basis; just authenticate your identity with Touch ID and you're done.

Apple Pay will be available as part of an iOS 8.1 update rolling out Monday.