Apple’s new mobile payments service to launch Monday

October 16, 2014, 5:48 PM UTC
Apple Unveils iPhone 6
CUPERTINO, CA - SEPTEMBER 09: Apple CEO Tim Cook speaks during an Apple special event at the Flint Center for the Performing Arts on September 9, 2014 in Cupertino, California. Apple unveiled the Apple Watch wearable tech and two new iPhones, the iPhone 6 and iPhone 6 Plus. (Photo by Justin Sullivan/Getty Images)
Photograph by Justin Sullivan — Getty Images

Apple’s (AAPL) new mobile payments service will launch on Monday, the iPhone maker said Thursday.

Speaking at an event at which Apple is expected to unveil holiday-season tablets, the tech giant’s CEO Tim Cook said it has signed up another 500 banks to support a feature that competes with eBay’s(EBAY) PayPal and other online systems.

Cook also said developers were beginning to design apps for its upcoming Watch.

Apple first unveiled its Apple Pay payments system last month when it launched its new line up of iPhones and its long-awaited Watch.

—Reuters contributed to this report.