The world is becoming increasingly digital. And this is arguably impacting the financial services sector more than any other industry. Consumer adoption of the internet and mass adoption of screens and mobile devices of all kinds has been a catalyst for change, and we are now seeing incredible innovation when it comes to mobile money.
PayPal is arguably the most widely known not-so-new-kid on the block. It’s simple, easy to use and has been widely adopted. And then there is Alibaba. In 2013, Alibaba launched a smartphone app called Yuebao and with it, people can in seconds swipe money from, say, their state bank checking account into a money market fund paying a much higher level of interest. As of July 2014, it had 149 million users and U.S. $92 billion in assets making it the fourth largest money-market fund in the world.