Digital financial services have significant potential to provide a range of affordable, convenient and secure banking services to poor people in developing countries. With the number of smartphone users in India expected to increase to 450 million by 2022, every financial institution is convinced that online delivery of services is the way forward Technology-led innovation in financial services is needed to enable rapid, large-scale, and positive change. The digital India initiative can easily connect the different groups of society and can help to achieve the objective of financial inclusion through digital banking. The impact of mobility goes much more than facilitating on-the-go online transactions. Mobility powered digital commerce has the potential to give a big boost to financial inclusion, throwing open banking facilities to people hitherto cut off from the same. At a macro level, it can propel growth, boosting the economy and the GDP of the country itself. This paper depicts that digital financial services are driving financial inclusion and improving financial health with digital technology. There is an urgent need to create awareness among the citizens, especially in rural and semi-urban areas regarding basics of digital finance services.
Cite this article:
Mohammed Farzana Begum. An Overview of Digital Financial Services in India: Concept, Initiatives and Advantages. Asian Journal of Management. 2018; 9(3):1139-1144. doi: 10.5958/2321-5763.2018.00183.X