Financial transaction

Digitalalization is the adoption of various existing and developing technologies by organizations in consonance
with the changes in internal operations as well as external relationship to provide better customer services and
experiences efficiently and effectively. Projects such as Make in India and Digital India are now the buzzwords
to a better and sustainable industrial and financial growth of our nation. Government is encouraging technology
adoption/upgradation while providing connectivity with high speed bandwidth to bring together every nook and
corner of the country. This has opened up the vast untapped market in India for digital connectivity. Digital
payment services by banks like Unified Payments Infrastructure (UPI), Bharat Interface for Money (BHIM),
mobile money, e-wallets have created a revolution of sorts in the Indian financial market. Adaptation and
implementation of highly capital intensive global technologies, infrastructure and processes are vital in order to
remain ahead of the curve. Transition in financial transactions such as data integrity, authentication (including
third party authentication) and trust factors are gaining importance as a measure of customer safeguarding.
Enhanced customer satisfaction and value through unified customer experiences, faster output, infinite banking
volumes, financial inclusion, operational efficiencies, scale of economy etc. are being sought after, by
leveraging digital technologies. Digitalization has improved the efficiency and customer experience in several
fields including the financial transaction areas. The present paper will try to explore the impact of digitalization
on financial transactions in India.

The advent of IT has offered significant improvement to the way financial transactions in business are processed by professional accountants. Hence, in most parts of developed countries, it is almost impossible to function as an accountant without requisite IT skills. However, the pattern seem not attain similar forte in SMEs especially in developing economies. Consequently, this study would provide answer to the degree of computer-based accounting systems adoption by SMEs in Nigeria. We have conducted an empirical investigation through a structured survey focused on finance and accounts executives of the enterprises that holds primarily responsibility for business transactions processing. This information was sought in order to expound on the extent of CBAS adoption by Nigerian SMEs. Respondents were obtained from manufacturing, agriculture, construction and mining, hotel and hospitality, IT services, medical services, wholesale and retail trade, and general services industries. Th...