Have been looking at Ant’s business and its evolution to get some perspective on mobile money business. Here are few notes. Beginning Ant's Alipay took advantage of banks' inefficiency in penetrating large section of retail and small businesses market. The company started as a trusted payment option for shoppers and merchants of Alibaba. It worked as an escrow account, transferring money to sellers after buyers had received their products. Later Alipay app was launched, introduced QR code for payments. Alipay earns ~0.1% per transaction which is less than what banks earn on debit-card swipes. The company plays the volume game here. But the growth in payment business is slowing. Because of Alipay's sheer volume in payment business, it found advantage of key resource "DATA" to drive its other businesses. Alipay app started as mere payment app but expanded its branches to different segments namely credit, asset management and insurance. Recently its credit wing ove