Digital banking as it's known today revolves more around the technology of mobile phones and what they make possible. For starters, it allows people to deposit checks using their mobile phones by taking pictures of the front of the check and the back of the signed check. There is a way to make deposits via a computer, but it's not nearly as fast and easy.
On a large scale, mobile payments are changing much of the way people "move their money." Most mobile payments work in conjunction with a bank—users need to enter their debit card information to sign up for them (although this is evolving as well with companies like Apple offering their own payment cards). Not only are people using mobile payments for convenience, they're also earning money for every dollar they spend through reward programs.
The following is an overview of are some of the top mobile payment apps customers are using.
With a slogan of "Cashless made Effortless," Apple pay is designed for customers who have Apple phones and Apple Watches. Once set up, they can order and pay for services with a tap of their finger.
PayPal One Touch
Their slogan "Turn sixteen digits into one touch" does two things at once. It taps into the convenience factor of mobile payment apps (one touch versus entering a 16-digit card number) and incorporates the name of the service. PayPal One Touch also offers extra security and a broad reach to customers.
Going straight towards a growing trend, Google Pay's slogan is "A contactless way to pay, by Google." With such a strong brand identity, they wisely include their name in the slogan. Google Pay touts their multi-layers of security as an added incentive for users to choose their mobile payment app.
Because of the number of features Samsung Pay offers, their slogan is "more than a wallet." In addition to the convenience their mobile payment app delivers, users can send and receive gift cards and they can take pictures of membership and loyalty cards to add to it.
The digital wallet.
People are more likely to leave their wallet behind rather than their phone for good reason: they can pay for just about anything with a phone. Equipped with mobile payments like Google Pay and many others including Venmo, which also has a social component to it, people have a lot more payment options than a typical wallet gives them. And it's going to keep evolving. Recently, Bank of America introduced a digital debit card that their customers can download on their mobile device.