Apple Pay goes live on October 20, many new retail partners and banks on board

Tim Cook earlier today provided new details regarding Apple Pay, the company's upcoming mobile payments platform.

First and foremost, the service is slated to go live on Monday, October 20.

Second, Apple has shored up the number of banks and retail partners throwing their support behind Apple's nascent payment platform. In addition to the nation's top banks, Tim Cook relayed that 500 new banks will support Apple Pay in the coming months. On the retail front, Apple's list of merchant partners has expanded considerably.

Tim Cook also explained that the number of mobile apps with built-in support for Apple Pay has expanded. The list of Apple Pay compatible apps now includes Airbnb, StubHub, Lyft, and more.