Brand new Apple product coming this August

On the sidelines of announcing its quarterly earnings, Apple also confirmed that its Apple Card will begin accepting applications starting August.

CEO Tim Cook confirmed during the earnings call that Apple Card is already being used by thousands of Apple employees in beta mode and starting this month, it will be rolled out to others, The Verge reports.

The Apple Card is Apple's credit card and is unlike traditional credit cards. Instead of the 16-digit card number, CVV code, or expiration date, it generates the details randomly during transactions for secure purchases.