What does the term digitalisation refer to?

Digitalisation primarily refers to the technological advancement that converts analogue communication to digital formats. This process involves the transformation of information into a digital format, which can facilitate various functions, including storage, transmission, and processing of data. This shift allows for improvements in efficiency, accuracy, and accessibility of information.

In contrast, the other options do not encapsulate the essence of digitalisation accurately. The elimination of cash from transactions represents a shift towards digital payments but does not define digitalisation itself. Transitioning from digital to analogue communication contradicts the principles of digitalisation since it focuses on moving in the opposite direction. Regulating online payment systems is related to the governance of digital payments but does not describe the fundamental concept of digitalisation, which is centered on the conversion and utilization of data in digital form. Understanding digitalisation strengthens one's grasp of the transformations occurring in payment systems and the broader financial landscape.