Of the several announcements that Apple made at its first keynote event for 2019, the unveiling of Apple Card was perhaps the most surprising. The new mobile banking platform is the next step from Apple Pay, and allows users to have a digital card and profile to facilitate payments and a few other banking transactions and services.

The virtual card is built into the Wallet app on iOS, and Apple has listed it as an iPhone-specific offering for now, mainly as it utilises fingerprint and face recognition software to make it secure and to facilitate payments.

Along with the ability to handle transactions via Apple Pay this new service uses machine learning and Apple Maps location data to better track payments during a week or month, along with providing a few easier ways for users to see their spending habits.

There’s also a rewards initiative called Daily Cash that gives its users cash for making purchases on this new platform. These rewards are also available instantly according to the company and can be used to make payments straightaway.

One of the other key aspects of Apple Card is the claim of no fees. To that end Apple says that there are no annual, late, international or over-the-limit fees for using the Apple Card service.

For now the service will remain limited to sign ups in the United States, but Apple has partnered with Mastercard as it plans to roll out the service to other countries in the coming years.

Lastly, while Apple Card is a digital platform, there is also a physical card that the company has worked on. This card is made from titanium, and features only the cardholder’s name and no other details. The card can be used should an establishment not facilitate Apple Pay purchases, the company adds, but how much actually getting the card will be, has not been mentioned.