I don't think that it is faster, it's a little bit slower. Processing takes about the same time as a paper application but then you need to add days for sending the passport once application is approved and wait for passport return. Where as with a paper application, they already have the passport that they send back when they approve the application.
However, the online application has a few advantages:
- Easy process: No paper forms to fill, a clear list of only the required documents based on answers to the simple online questionnaire
- Confirmation that they received the application and payment
- You keep your passport while they are processing the application