These days, how do you usually split restaurant tabs with others? What about rent or utilities? How did you end up paying for that vintage table you found off of Facebook Marketplace? Chances are you probably either pay by a card or through some sort of mobile banking app. 

We’ve come a long, long way from simply paying with cash to saying, “Can you split our check with multiple cards?” to, “You get this one, I’ll get the next one,” and most recently saying, “Just send me your portion.” 

From cash to bank transfers, PayPal to Venmo, electronic financial transactions are becoming more convenient as banking apps continue to improve and evolve over time. Mobile banking has made it simpler, safer, and easier to manage your finances. 

Sending money to someone’s phone number has been around for a while now, but it’s just become even more convenient.

sending money to someone via text

Mobile Payment

Mobile payment services –in the form of apps – are becoming increasingly more popular every day. They’re popular for a few reasons, improving on customer pain points, like:

  • Security 
  • Little-to-no fees
  • Convenience
  • Mobile-friendly

History and Evolution of Mobile Transactions

The Early 2000s

Starting with SMS Banking, through SMS, banks would send out alerts to notify their clients when any financial activity took place. These messages appear as text messages to the customer, which, most of the time, include links to log into your online account.

While it was nice to be aware of transactions taking place in the account, it didn’t really make banking any more convenient for the customer. Security and encryption is another problem the bank faced since SMS is susceptible to cyber fraud, phishing, and breaches leaving clients with security concerns. 


PayPal was one of the first transaction services that allowed customers and businesses to transfer funds electronically. PayPal is widely known, trusted, and accepted by individuals and businesses alike. Even though it had issues early on with hackers and fraud, PayPal has since enhanced security and encrypted transactions, making it a secure way to send money to someone. While PayPal service can be free if both parties have connected bank accounts, transaction fees can be significant using debit or credit cards for convenience or expedited payments.

Chances are, you’ve probably used Venmo when sending money to someone else. Customers are fond of the app because of its social media-like interface. Users can see their friends and random users’ activity, liking and commenting on the different transactions. However many users aren’t comfortable with sharing their financial history with the world, despite that their information is encrypted.  

Similar to its cofounder, PayPal, there is a 3% fee for using your debit or credit card as a payment option as well as a 1% fee on instant transfers. As long as both parties have the Venmo app, paying someone is convenient through Venmo once you know their username. 


Zelle is the most recent mobile banking app owned by a private financial services company partnered with banks like:

  • Wells Fargo
  • Bank of America
  • PNC Bank
  • U.S. Bank
  • Capital One
  • JP Morgan, etc.

Zelle allows customers who use the above banks to electronically transfer money from their bank account to someone else’s without charging any fees. Both parties must be a member of the participating banks in order to use Zelle. 

Transactions are easier with Zelle, through sending money to someone’s phone number if no other information is available, but there must be a participating bank account associated with any transaction through Zelle. 

Recently, this app has proven vulnerable to fraudulent transactions, as it doesn’t use two-factor authentication (2FA) or other security measures in its platform, for faster, more convenient transactions. 

sending money to someone via text

Sending Money With Marygold & Co.

As Marygold & Co. President Chad Butler has said, “I would really like to have an easy way to pay anyone I owe, without having to worry about if they accept Venmo, PayPal, Zelle, Bitcoin, cash, check, magic beans, etc.”

We hear the concerns and issues that customers face with other mobile payment apps and services, which is why we think you may have found the best solution for all mobile transactions. The ability to transfer funds from one individual to another has never been easier and we don’t even require both parties to be Marygold & Co. clients.

Sending money to someone’s phone number has never been easier.

To send or receive money, all you need is a name and an email address or phone number to send funds to anyone in the US. It doesn’t cost anything to send money from your Marygold & Co. account and recipients have free options to accept the money. The person on the receiving end is able to choose how and where they wish to receive any payment including various electronic fund transfer options to existing bank accounts or debit cards. They can even request an old fashioned check in the mail if preferred. The best part is recipients don’t need to have a mobile banking app or connected account to accept their money.  

We’ve been in the fintech and banking industries long enough to observe the advantages and disadvantages that banks and apps alike face. We’ve experienced the improvements and evolution of these mobile apps and how banks have turned to digital forms of payments for faster, more convenient service. We’ve been able to take note of what customers want and need and have developed our focus around that. 

We invite you to join the waitlist to learn more about how we’re changing the fintech industry through our mobile banking app features. 

Mobile banking and financial services apps have changed the way people manage their money. In today’s digital world, cash is no longer king! Convenience is the name of the game.That is especially true when it comes to the way people are managing their finances. Self-service banking and digital banking through innovative mobile banking features are playing a central role in today’s economy.

Services like Paypal, Zelle, and Venmo have made electronically transferring funds, dare it be said, convenient. It is not uncommon to hear someone say, “just Venmo me,” for transactions among other peers, which is reminiscent of the earlier days of people saying, “Just Google it” for information.

More Than Managing Money – Innovation

Now if convenience is the newly-crowned king, its queen is innovation. For decades banks have been flying under the radar tied to their legacy systems and technology, unable and unwilling to provide better technology tools. With evolving customer demands and open API technology, that is no longer true. Fintech companies are introducing more sophisticated and convenient ways to manage your money without the need to ever step into a branch.

Current world factors have made matters more urgent for the banking industry, emphasizing the need for complete mobile management of accounts. Banks need to consider what is best for both customers and employees. A step in the right direction is digital transformation.

mobile banking from home

Financial Technology (Fintech) is Here to Stay

Fintech companies are making their moves and competing directly with banks and credit unions with staggering customer growth.  Millions of people have opened accounts with Fintech providers to manage their everyday banking needs unburdened by the bank branch mentality.  Fintechs are partnering with forward-thinking financial institutions and technology partners to bring innovative ideas and cutting edge technology that people want with none of the old-school banker hassles. With that, more branches are closing every day and smartphone owners are using mobile financial apps more often.

Here’s a summary of Marygold & Co.’s mobile banking features that are being implemented into the app, to keep up with changing customer profiles:

Security Features

There is nothing better than knowing your money is safe. Financial institutions must take into account and include mobile malware, app assurance, data protection, and identity management. Companies must consider how you can feel safe using online banking and financial services apps.

Giving customers complete control of their account is a good start. Having the ability to toggle your card on and off is a helpful feature. In the event you misplaced it you have the option to prevent anyone from using it with the tap of a finger.

Having that option saves you time from having to call the company and request a new one. On top of that, you would have to update your other recurring expenses due to the new numbers tied to the one you might have lost.

Another helpful security feature is limiting your card use to a specific location. Apps now are offering the ability to customize where the card is authorized for use. It goes the opposite way as well, you can restrict it from being used internationally. The customization also takes place online, you can enable/disable online transactions. With features like these, the risk of fraudulent charges is greatly decreased.

Marygold and Co mobile banking features

Money (Saving) Pools

Successful saving requires more than lumping money together to plan for a multitude of needs.  How do you know your progress in saving towards things like a house down payment, a vacation, or a new bike if you are simply putting $X away each month?. Do you have and maintain a proper emergency fund on top of all that?  Most of us have complex needs that traditional bank accounts can no longer support. Both short term and long term goals require more sophisticated ways of saving money while tracking each goal independently.

Money Pools enable you to set up independent savings or investment accounts for specific goals, timeframes, and amounts. Establish a funding rule like $200 per month for 10 months for your summer vacation Money Pool and prioritize each goal should you need to make any change.

There are now accounts that incorporate an investment structure and allow you to align the timing of your goals with when you need the returns. Being able to establish a higher return potential is crucial to reaching both long term and short term goals.

Payment Devices

From mobile phones to wristbands to key fobs and jewelry, there is now a vast range of contactless payment devices that can be used in place of traditional plastic cards. Most merchants in the US now accept contactless payments and consumers are enjoying it. As simple as tap and pay, advances in tech enable payment to be quick, simple, and secure. This is enhancing the customer experience and saves time in the process.

No more fumbling for your cards or cash. Brand new NFC enabled phones and wearables can connect directly to your account. What is NFC you say? It stands for Near Field Communication, it uses something called RFID that allows it to identify things through radio waves. It has been used for decades for things like scanning grocery items and luggage at airports. Going back to the king, which in this case is convenience, makes things quicker and effortless.

Payroll is Easy to Receive

Direct deposit makes getting paid that much sweeter. Being able to receive the money into your account up to 2 days early with some fintech solutions seems like a no-brainer. Here are some pros:

  • It’s fast and easy to set up
  • Your money is immediately accessible, it eliminates the risk of stolen checks and forgeries, and helps protect you from identity theft
  • Most employers support it

On top of all that, it is free! Most banks and credit unions do not charge you to sign up for direct deposit. In fact, they may waive your monthly checking account fee if you have direct deposit.

Send and Receive Money Seamlessly

Ever keep tabs on what people owe you or what you owe others? Don’t necessarily have the cash to pay back at the exact moment? With fewer people carrying cash, payback can be a real…well, you know the rest. Thankfully, technological innovations are making it easy to send money to friends, family, landlords, and more.

However, figuring out what type of payment channel the recipient accepts if you have funds in that account and what their username is can be a royal pain!  New technology provides safer ways to send money directly from your primary banking account(s) offering the recipient the ability to choose their preferred option of receiving or depositing the money.

Marigold flower field

Marygold & Co.

Enter: Marygold & Co. Now money doesn’t grow on trees, but Marygold & Co’s banking and financial services app features will make your money “flower.” That is to say that by using Marygold & Co, you’ll get the most out of your money. The Marygold & Co app gives you access to your money from the tips of your fingers. It is convenient and innovative, giving you access to many of the new features mobile banking has brought into the finance world.

As a recap, here are some of the benefits you can receive:

  • FDIC-insured accounts
  • Contactless Mastercard debit card, wearables & mobile wallets
  • Nationwide no-fee ATMs
  • Interest-earning debit & savings account
  • Pay anyone to their mobile phone or email
  • Get paid early
  • Customized security