During the October media event Apple announced they will be releasing iOS 8.1 on Monday, and the latest update is now available for download. It has plenty of new features, as well as bug fixes.
New features include Apple Pay, iCloud Photo Library, SMS Relay and Instant Hotspot. Apple Pay, which enables users to make payments with their iPhone instead of a physical credit card is available only for users who own either iPhone 6 or iPhone 6 Plus. At first, Apple Pay will be accepted at over 220,000 in the U.S.
Mac users will be happy to hear that additional continuity features like SMS Relay (Text Message Forwarding) and Instant Hotspot are available in the latest iOS update, as well.
You can update to iOS 8.1 either over-the-air through Settings -> General -> Software Update, or by connecting your device to iTunes on a Mac or PC.