Earlier this week, Apple Inc. AAPL said it plans to launch its credit card this August, in partnership with Goldman Sachs GS, the provider of the underlying software tools necessary for the undertaking.

Apple CEO Tim Cook said the Apple Card will allow users the ability to transact via their phones or a titanium credit card, both of which are synced to their Apple Wallet app.

Features of the service include providing users with an interface that shows detailed purchase information; purchases will be broken down into categories based on venue, to better identify spending behaviors.

Important to add is that the Apple Card will provide daily cash back returns that can be redeemed on the app and spent at stores via phone or card. Apple indicated that no fees will be associated with its payments system.

This development is indicative of a fintech centered approach; moving into the future, Apple may become synonymous with financial services.

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