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Apple Pay
Digital Payments
Chip Card
Woman Making Card Purdhase
Pet Store Payment


In the mid ‘90s customers had to visit a bank branch to make deposits, and there were four basic methods by which payments could be made for goods and services:


  1. Cash

  2. Checks (which would include money orders and travelers checks)

  3. Credit Cards

  4. Closed loop cards (e.g., store credit cards)


Today’s technology explosion – primarily fueled by high-speed communications, faster settlement of electronic payments, imaging technology, and the Internet – provides consumers with a dizzying array of options to make deposits and payments and move money between friends, which includes the traditional methods listed above, along with expanded offerings such as:


  • ACH

  • Electronic Checks

  • Electronic Bill Pay

  • Branded Debit Cards

  • Prepaid Cards

  • Chip Cards

  • Moneygram

  • PayPal

  • Apple Pay

  • Google Wallet

  • Bitcoin

  • P2P Money Transfer

  • B2B Payments

  • Electronic Invoicing and Payments

  • ATM Deposits

  • Remote Deposit Capture

  • Mobile Check Deposit


Of particular concern for banks should be the fact that many of the newer payment technologies are provided by non-banks, which are increasingly becoming a disruptive force within the financial services industry as they go around banks to market their products and services directly to the customer. 

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