Apple today announced that Apple Pay, its new mobile payment system, will launch on Monday, Oct. 20.

Apple CEO Tim Cook made the announcement during today's iPad event. Apple Pay will arrive with iOS 8.1, which also lands on Monday.

Apple Pay works on the iPhone 6 and 6 Plus and lets you use those devices as mobile wallets. The company announced it last month at its iPhone event, but said it would not arrive until October.

Cook said that in the last month, more retailers have signed on to support Apple Pay, while 500 more banks will add support later this year and into 2015.

Launch partners include McDonald's (use Apple Pay in the drive-thru) as well as Whole Foods, Panera, and Disney theme parks. Apple Stores will also accept Apple Pay, of course. Web-based services will also integrate with Apple Pay, including Groupon, Uber, and MLB at Bat. And you can use it at the 220,000 merchants that already accept contactless payments, Apple said.

Apple Pay does not store your credit card number. It creates a device-only account number each time you pay. If you go to a physical location, meanwhile, Apple doesn't know what you bought, where you bought it, or how much you paid. The cashier also doesn't know your name.

Apple Pay will also work with the Apple Watch when it arrives next year. Cook did not reveal an official launch date for the smartwatch today, but he did announce WatchKit, which will allow developers to create apps for the device before Apple Watch arrives in stores.

For more, see PCMag's live blog from today's event. Also check out the video below and Why You Should Ditch Your Wallet for Apple Pay.