Update: Apple’s specs page for the iPad mini 3 says
that it has the A7 processor, not the new A8 that
debuted in the iPhone 6 and 6 Plus. This year’s small
form-factor tablet from Apple is called the iPad mini
3, dropping the distinction between the original iPad
mini and last year’s mini with Retina. It’s got the
same A7 system-on-a-chip as last year’s model (as
opposed to the beefier A8X in the new iPad Air 2 ). Like
its bigger sibling, the iPad mini 3 receives Apple’s
Touch ID fingerprint scanner and will come with iOS
8.1, meaning you’ll be able to use it with Apple Pay
for online purchases. There’s also a new pricing
scheme for the iPad mini, impacted by the fact that
Apple will continue to sell the original iPad mini, as
well as last year’s Retina model. The price of entry for
the iPad lineup is now only $249 (if you’re willing to
use 2-year-old hardware), but it also means you can
get last year’s A7-powered Retina wonder for only
$299. As with the new iPhones and the iPad Air 2, the
new iPad mini 3 will be available in three tiers,
priced by storage: 16 GB, 64 GB, and 128 GB.

Source: http://..com/2014/10/apple-introduces-new-ipad-air-2-and.html