Why More People Are Turning to App-Based Payment Alternatives

The trend of branch closures

Traditional banks have been reducing physical branch locations as more customers handle routine transactions through mobile apps and online banking. Branches that remain open often have shorter hours or serve a wider geographic area than before. The change reflects a broader shift in how people interact with financial services, though the pace and extent vary by region and institution.

What branch closures mean for customers

A branch closure can be a particular inconvenience for anyone who relied on in-person services at that specific location. Tasks like cash deposits, resolving complex account issues, or getting face-to-face help become harder when the nearest branch is farther away. Some customers, especially those less comfortable with digital tools or who need specialized assistance, feel the impact more than others.

How app-based services differ

App-based financial services, including crypto wallets with a card, do not depend on a physical branch network at all. Account opening, funding, and support happen through the app, which means service availability is the same regardless of where you live. This structure eliminates the question of branch proximity, though it also means no option for in-person help if that is what you prefer.

Different needs, different preferences

This shift affects different people differently. Some prefer or still need in-person banking for certain tasks, and for them a branch closure is a real loss of service. Others find a fully app-based service more convenient regardless of branch availability, valuing the ability to manage everything from a phone. Neither approach is universally better; the right fit depends on individual circumstances and comfort with digital tools.

Comparing your options

When considering where to hold spending money, compare a traditional bank account with branches, a neobank with no branches but still operating as a bank, and a crypto wallet with a card like Nexus Pay.

• Traditional banks offer in-person service but may have fewer branches than before.
• Neobanks provide app-based banking without branches, still holding funds as fiat deposits.
• Crypto wallets hold balances in cryptocurrency and offer a card for spending, also without any physical locations.

Each model has different tradeoffs in access, funding, and service structure.

Common questions