DISRUPTION OF TRADITIONAL FINANCIAL SERVICES THROUGH DIGITAL FINANCE --- GLOBAL& INDIAN PERSPECTIVE

Financial services provided using digital platforms and technological innovations can bring a radical change in the financial sectors across the world. These services range can be a catalyst for the provision and use of a diverse set of financial services – including Money remittances .credit, insurance, savings, and financial education. Those who are currently excluded will relish enlarged access to money-transfer services, microloans, and insurance. Offering basic financial services through mobile phones, point-of-sale devices, and networks of small-scale agents, digital financial services have the potential to reach more people, at a lower cost, and with bigger convenience than ancient “brick and mortar” banking services. With the fast international growth of mobile technology, mobile banking and other digital financial services are helping vast numbers of previously excluded people access financial services. Mobile network operators, governments, and financial institutions, ranging from large commercial banks to micro finance institutions, recognize and have begun to leverage the potential of digital financial services. A number of governments and their central banks have conjointly started “cash-lite” policies to scale back the employment, and therefore cost, of cash in their economies. Digital finance models are being tested with varying degrees of success around the world. Mobile Pesa launched by Vodafone in Kenya maybe the simplest known and most roaring example of mobile banking. Its vast success sparked a wave of start-ups and partnerships that use the service to provide Kenyans other valuable services, such as utility payments, savings accounts, and micro insurance. Researchers are learning successes and failures of digital money services to know the economic process, business models, and ecosystem requirements to support successful digital financial services deployments else where around the world. This paper tries to understand the power of digital financial services globally and with Indian perspective. In across the industries like real estate ,education government remittances utility bill payments and savings are all a part these broad spectrum. The proposal to use technology and gadgets in the area of education is a good move. Fee payments and other financial services are definitely enhancing he quality of education insutry.Samsung Smart Classes have been set up at over 200 schools across India and another close to 200 more will be added this year. In every sensible category, students use smart boards and devices, which are loaded with the course curricula, to study the digital way.More than one,60,000 students have already benefited from this initiative.