At its most basic level digital technology enables speed – speed in processing information and speed in communication. Processing speed has reduced cost and time for transactions while communication speed has enhanced connectivity of systems expanding the reach of transactions. Taken together, digital technology is changing the way financial services are organised and financial products are delivered. 2.
Digital innovation has, for example, enabled fast payments systems like UPI and IMPS. Instantaneous communication and the ability to process large databases has enabled use of Aadhar for transaction authentication which in turn has made it possible to effect large scale Government transfers instantaneously and directly into the bank accounts of beneficiaries. eKYC has contributed to safety of on-line payments.