A release date for Apple Pay was announced on Thursday by Apple CEO Tim Cook. The announcement arrived during the company’s annual iPad launch event.

Apple Pay, first announced during the launch of the iPhone 6 devices and iOS 8 platform, will be made available to customers on Monday, October 20.

The new payment platform from Apple is entering a crowded field that includes NFC payments from the likes of Google and Venmo.

The company is hoping that its enormous Apple iPhone userbase will flock to the new payment platform. To help its efforts get off the the right start, Apple has already partnered with more than 500 banks.

Talking to Apple’s audience Tim Cook said “We think that this is going to be profound.”

The Apple Pay platform offers many features, including one-touch checkout and purchase information privacy. The new payment platform acts as both a mobile payment option in stores and as a checkout option online.

On Wednesday 9to5mac posted a memo sent to employees of Apple Pay launch partner Panera Bread which listed Oct. 20 as the launch date.

Many retailers have refused to sign on the dotted line for Apple Pay, however that shouldn’t come as a surprise. When Paypal’s own in-store payment system launched, the company leaned heavily on several large-scale retailers, most notably the team at Home Depot. Paypal is still fighting to secure more in-store partners for its growing brick & mortar based offering.

If Apple can manage to capture the same brand loyalty from its customers that it currently receives for its already available hardware and software products, the company could find itself integrated with more companies that are looking to capitalize on the company’s large and enthusiastic customer base both online and offline.

Are you excited to give Apple Pay a try?