UPDATE: More details from Apple after the break.

Scott Forstall is onstage at the Apple media event right now introducing a new iOS app called “Cards” that allows you to “create and mail beautiful cards right from your iPhone or iPod touch.” It comes with over 21 template designs for greeting cards.

Interestingly, Apple will provide you with high quality prints of your greeting cards mailed to you on 100% cotton paper. You’ll even get a push notification when the greeting card is delivered.

The app will be available free on Oct. 12th with prints going for $2.99 in the US and $4.99 elsewhere.

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Apple has posted a page on their website detailing the new Cards app.

As the page explains, Cards will allow you to snap a photo right from within the app with an overlay of card dimensions and graphics from your selected card design. This will allow you take the perfect photo for the card without having elements of the design cut off key elements of the image.

If you select one of the designs from the “Travel” category, your location data will automatically be added to the card. You can also customize your location data. Using a photo from your camera roll will automatically attach its GPS data, if available.

Sending and paying for cards is, as expected, handled through your Apple ID account. On top of an email verification, you’ll also get a push notification the day the card arrives via United States Postal Server Intelligent Mail barcode technology.

Cards are mailed on 4 x 6 inch premium cotton paper and Apple explains the embossed look and feel comes from a “centuries-old printing method that presses a design and ink into the card for a unique look and texture. It’s like having your own personal letterpress. In your pocket.”

The 21 free and customizable designs are separated into six categories including “Thank You”, “Holiday”, “New Baby”, “Birthday”, “Love”, and “Travel”.

Cards will available on iOS 5 only for iPhone 3GS or later, iPod touch (3rd and 4th gen), and iPad and iPad 2 starting October 12th. Unfortunately, there doesn’t appear to be a way to sign your signature using your finger, which would definitely be a suitable feature.

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