Square's $29bn acquisition of Afterpay earlier this month got lots of people talking about the future of finance. One buzzy term that kept coming up: neobanking.

The likes of Square, PayPal Holdings, Robinhood Markets and Coinbase Global are all sometimes talked about as players in neobanking. The basic idea behind the term is that a digital wallet holding cash or cryptocurrency can be linked to payments and other forms of commerce or financial services. It is a playbook used most notably so far in China.