So these companies act as a kind of payment bank in this capacity.
Their biggest difference with a traditional bank is that their "bank" accounts are tied to phone numbers.
Once they have your money,you can do money transactions more or less the same way you do with a debit/credit card.
You can also have your "bank" accounts on these companies tied to a "bank" account from a traditional bank and you can move your money back and forth between them.