Pay Theory Blog Everything You Need To Know About Neobanking

The US has 29.8 million online-only bank account holders, one of the highest worldwide. This is possible with the help of neobanks. Neobanks are fintech companies that provide mobile and online banking apps, software, and other technologies. A neobank is an online-only banking option that allows customers to make electronic fund transfers, direct deposits, and the ability to make debit card purchases. You can access your account through your phone at any time of the day, eliminating typical brick-and-mortar locations. Payments, transfers, and transactions are all made online and can be done from anywhere.