Paying a bill, transferring money or checking your bank balance no matter where you are is now simpler than ever before. Many are still concerned with the security and privacy of their personal information, but the modern cellphone and mobile payment services have taken the guesswork out of every equation.

Mobile banking, for one, has progressed to the point where virtually every bank now offers this service to its customers. The mobile payment space, on the other hand, is where all the potential for growth lies. The battle lines have been drawn.