Apple CEO Tim Cook Introduces IOS 8
Apple CEO Tim Cook introduces the IOS 8 operating system during his keynote address at the Worldwide Developers Conference in San Francisco, California Reuters/Robert Galbraith

iOS 8.1, which is currently in its beta phase, has been rolled out by Apple to developers. GSMArena claims that the iOS 8.1 will be available to the public on Oct 21 and will come with an Apple Pay feature.

According to SlashGear, if you have iOS 8.1 on your iPhone and you ask Siri to access a credit card, it will redirect you to a Passbook. As of now, the app does not allow users to add credit cards but the fact that Siri is able to show where the credit cards are stored by redirecting users to the Passbook indicates that the feature is going to arrive onboard with iOS 8.1, Slash Gear claims.

Only iDevices that have NFC chip inside them can support Apple Pay. Currently, except for iPhone 6 and the iPhone 6 Plus, no other previous models of iPhones come with the NFC feature. That means only iPhone 6 and the iPhone 6 Plus users will be able to take advantage of the Apple Pay.

According to Bank Innovation, the new Apple Pay feature will allow users to make payments through their handsets instead of taking out money from their wallets. The Apple Pay is all set to replace our wallets.

Cult of Mac states that in order to use Apple Pay, users will have to first store their credit card information inside it. In the iDevices where NFC chips are not present like the iPad, the Apple Pay service would allow users to buy physical items on the internet, says Cult of Mac.

Apple Pay is not the only new feature that will come with iOS 8.1. GSMArena claims that the Camera Roll section that was removed from the Photos app in the new iOS 8 will be again brought back to its place. The new iOS 8's Recently Added section only allowed users to see all the photos that were taken in the past thirty days. However, with the comeback of Camera roll, users will be able to view the entire history.

Bank Innovation has also revealed that Apple is also currently working on iOS 8.2 and iOS 8.3 update. As of now, there's no official word yet from Apple.