Get ready to dump your wallet: iPhone 6 owners set to be able to use their handset as a credit card from October 20th

It is the technology that really could change the way we live (and shop).

Apple Pay aims to replace cards with an iPhone 6, allowing shoppers to simply prove their identity with a fingerprint then tap to pay.

Now, it has been claimed that owners will finally be able to throw away their wallets on October 20th.

'Based on multiple sources close to Apple, Bank Innovation has learned that iOS 8.1 will include Apple Pay, and the current expected timetable for the public release is schedule for October 20,' the site said.

Sources who spoke to Bank Innovation indicated that the public release of iOS 8.1 will be in sometime in October and may have improvements for other Apple services. 

It is believed the feature could be launched at an event were new iPads and Mac software will also be released.

'We expect that the iOS 8.1 release will be timed to the still-unconfirmed October event held by Apple to announce their new iPad devices, as other websites have previously reported and Bank Innovation has heard rumors about, as well.'

Apple Pay is designed to let iPhone 6 and 6 Plus owners use their smartphones to pay for purchases at shops as well as online via apps.

The service will also be available on Apple Watch.

The mobile system works by holding phone up to a generic card reader and pressing a finger on the TouchID button.