Both require time, but velocity requires displacement and speed requires distance
Explanation:
For calculating speed we require time and distance because speed is defined as the distance per unit time and as speed is a scalar quantity it does not have any direction
But for calculating the velocity we require time as well as displacement because velocity is defined as the displacement per unit time and as velocity is a vector quantity it has direction
Displacement is the shortest distance between the initial position and the final position and it has a specified direction as well
