Apple, Inc. has updated iOS 8 a number of times since its arrival last month, and the latest bug-fixing crusade comes via the latest iOS 8.1 update, which also marks the release date of the much heralded Apple Pay wallet-replacement feature.

"This release includes new features, improvements and bug fixes, including Apple Pay support for iPhone 6 and iPhone 6 Plus, access to iCloud Photo Library beta, and support for SMS messaging on iPad and Mac," the iOS 8.1 release note explained.

It may be recalled that the company immediately pulled the iOS 8.0.1 update and replaced it with iOS 8.0.2 soon after, following reports on loss of Wi-Fi and Bluetooth connectivity.

Arguably the most exciting feature of the new iOS 8.1 update is Apple Pay support, which was embraced by American Express last Monday, Oct. 20.

"Apple Pay allows American Express Card Members to seamlessly add their eligible Card and pay with their mobile device at contactless merchants in stores or directly within participating apps that accept American Express. When paying with Apple Pay, Card Members will continue to receive all of the protection, service and benefits offered by American Express," the official press release said.

The bold move of the Cupertino-based tech giant to integrate a digital wallet into its iPhones has received mixed reviews after launching with "some holes in its system," according to Wall Street Journal.

The new payment service will allow iPhone 6 users to purchase items at more than 220,000 retail partners across the United States using the device's Touch ID finger scanning technology.

Several big names such as Google and Verizon have already tried incorporating wallet apps in smartphones, but they have not reached the momentous paradigm shift that could assert that "mobile wallet" has truly arrived.

But Apple's brand could help revolutionize this side of the mobile industry.

"Right now, mobile wallets are sort of like e-commerce in 1995," said John Collison, co-founder of Stripe, a payments processing firm.

"Amazon was one of the big companies that made people feel O.K. to put their credit cards online. Apple will do the same for the mobile wallet," Collison predicts.

This contactless payment system can also be used in upcoming iDevices such as the new iPads and Apple Watch, which is scheduled for commercial release by early 2015.