The Impact of Digital Finance on Economic Development

Abstract

Economic development may be stated as the process of providing disadvantaged groups, such as women and low-earning people, with inexpensive retrieval of financial services and credit when they need it. Retrieval of financial product and services such as bank-accounts, general insurance, remittance and payment services, and financial consultation services etc. are examples of economic development. It allows individuals to prepare for future steadiness; a high-level of bank deposit would provide steady deposit base, as well as chances to save, invest, and obtain credit. Nowadays, there is a focus on economic development in inclusive growth. These are all accomplished using innovative financial technology. Most of the banks have introduced new banking technology in response to the emergence of a new banking client situation known as "Digital finance." As a result, digital finance has given the banking industry a new structure. Digital finance is a special type of financial service that using smart phones, laptops or desktops, and the Internet. It may use online banking / Net Banking or Mobile Banking with the help of digital cards linked to account for secure digital payment. It has the capability to make banking more accessible, convenient, and safe. Customers can easily access their funds, take quick financial decisions, and to send and receive payments. Economic development is a non-zero-sum game that may be accomplished with the help of digital finance.