American tech major Apple has formally ventured into financial sector by launching its much-anticipated credit card in the US customers.

The move follows a preview earlier this month when the card was offered to select users.

Customers can apply for the Apple card through the Wallet app on iPhone. They can start using the virtual card immediately with Apple Pay, while the physical titanium card will be mailed to the customer.

Apple vice-president of Apple Pay Jennifer Bailey said: “We’re thrilled with the overwhelming interest in Apple Card and its positive reception.

“Customers have told us they love Apple Card’s simplicity and how it gives them a better view of their spending.”

The latest offering from Apple carries no fees and provides user with an easy view of their transactions. It uses machine learning and Apple Maps to label all transactions with merchant names and locations.

In the Wallet, the customers will also receive weekly and monthly summaries of their transactions. The customers can also reach customer support by sending text messages.

The company noted that the cards are designed with new security and privacy architecture where no transactions are stored in Apple databases.

Apple credit card comes with a rewards programme, called Daily Cash, to provide cash back on every purchase. The cardholders are entitled to 2% Daily Cash when they use Apple Card with Apple Pay, and 3% on purchases made directly with Apple.

All purchases made with the titanium Apple Card will carry 1% cash back.

Apple launched the card in partnership with Goldman Sachs as the issuing bank. It is also set to collaborate with Mastercard to provide support of a global payments network.