Three keys to globalized e-commerce are: payment systems (including credit) that are spreading financial capabilities to people in developing economies; communications devices that are getting into the hands of more and more citizens of developing economies; and product distribution networks (logistics) that are bringing online orders to remote parts of the world in fewer and fewer days. Those three elements have moved ahead rapidly since we first discussed this topic three years ago. For instance, in Myanmar, where just 10 percent of the population has a bank account, a Danish cellphone service provider, Telenor, and a midsized bank, Yoma, have launched Wave Money, which enables users to pay bills and transfer money between phones. Recipients of a digital payment can convert it to cash through Telenor. Wave Money already has a competitor in OK Dollar, which enables Myanmar’s citizens to use their mobile phones to buy bus and train tickets, transfer money and shop online. Between Telenor and mobile-phone competitor Ooredoo (from Qatar), 80 percent of the citizens of Myanmar now have mobile phones, and roughly 80 percent of mobile phones being sold there today are smartphones, up from just 10 percent two years ago. Worried about the rise of Wave Money and providers of such services, major banks in Myanmar have been investing heavily in technologies to enable them to launch their own e-wallet and mobile-phone financial applications, focusing especially on remittances from expatriates working abroad, which is the second-largest business segment for banks after credit and one which small financial technology (fintech) companies are working assertively to serve. These kinds of services enable locals to skip steps previously taken by developed countries in their early stages of economic growth, steps such as wired telephone sand bricks-and-mortar outlets for a whole range of banks and stores.