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Digital finance is the term used to describe the impact of new technologies on the financial services industry. It includes a variety of products, applications, processes and business models that have transformed the traditional way of providing banking and financial services.

In today's world, everything is digitized, which means we can access or get every service in digital format through mobile phones, computers, tablets, etc. The invention of computers and smartphones has created a huge impact on financial services. Today using computers and mobile phones, a person can access his/her bank account, verify account details, transfer funds, deposit cash, renew deposit, pay bills, book tickets, etc.

The global economy will likely contract by over 5 per cent in this year 2020 due to the impact of COVID-19, according to the recently released Global Economic Prospects. The deepest global recession in eight decades is sending hundreds of millions into poverty, and recovery appears to be far off. Still, the crisis has encouraged incentives for economic transformation and adoption of digital business models, including increased use of digital financial services (DFS).

Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, transactions, payments, savings, credit and insurance, delivered in a responsible and sustainable way.