San Francisco: Entering the lucrative credit card business, Apple has introduced the Apple Card that is built into the Wallet app on iPhone, offering customers a familiar experience with Apple Pay and the ability to manage their card on their devices.
Apple is partnering with Goldman Sachs and Mastercard to provide the support of an issuing bank and global payments network.
According to the company, Apple Card simplifies the application process, eliminates fees and encourages customers to pay less interest and providing a new level of privacy and security.
Available in the US this summer, Apple Card also offers a reward programme with Daily Cash which gives back a percentage of every purchase as cash on customers' Apple Cash card each day, the company said in a statement on Monday.
"Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone," said Jennifer Bailey, Vice President of Apple Pay.
Customers can sign up for Apple Card in the Wallet app on their iPhone in minutes and start using it with Apple Pay right away in stores, in apps or online worldwide.
Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations.
Purchases are organised by colour-coded categories such as Food and Drinks, Shopping and Entertainment.
A unique card number is created on iPhone for Apple Card and stored safely in the device's Secure Element, a special security chip used by Apple Pay.
"Goldman Sachs will never share or sell your data to third parties for marketing or advertising," said Apple.
"We are excited to be the global payments network for Apple Card, providing customers with fast and secure transactions around the world," added Ajay Banga, President and CEO of Mastercard.
Apple has also designed a titanium Apple Card for shopping at locations where Apple Pay is not accepted yet.
Apple Card needs no number, CVV security code, expiration date or signature on the card.