Apple, Inc. is expected to introduce and activate "Apple Pay," a mobile payment and mobile wallet feature that will be available this October for iPhone users.

"Apply Pay" is Apple's take on a cardless, cashless and secure mobile payment system that will allow iPhone users to just present their phones when buying an item in-store. Through the Apple Pay feature, iPhone users need not present their credit or debit cards.

Like Us on Facebook

Neither will they have to worry about information security and fraud when using credit or debit card terminals inside stores.

When one uses Apply Pay in a store, restaurant or other business firm, cashiers will no longer see the name of the cardholder, the credit card number or security code, thus helping reduce the potential for fraud, said Eddy Cue, Apple's senior vice president of Internet Software and Services.

Apple Pay will only use one encrypted number per purchase linked back to the user's bank account. The user just needs to save his or her fingerprint biometrics in the iPhone, through a phone feature called TouchID. He then waves his or her iPhone in front of an Apple Pay terminal using near field technology or NFC if the store has one.

Only 220,000 retail stores have agreed to try out Apple Pay and this total includes McDonald's (that will use Apple Pay at their drive-throughs), Macy's, Nike, MasterCard and Visa.

Forbes.com reported that isn't the first time a mobile payment or mobile wallet was introduced and tested in the market. Google, one of the proponents of the payment process, also tried to become the catalyst for mobile payment in 2011.

But because of the lack of hardware to support the system, Google's mobile payment system didn't push through. 

The Apple Pay feature is initially available for users of iPhone 6 and iPhone 6 Plus.  Those who are still using previous releases of the iPhone may also be able to use Apple Pay if they've bought the Apple Watch.

TagsiPhone 6 Plus