Cards, ATMs, to be redundant by 2020 |
Amid the big push being given to digital transactions post-demonetisation, Niti Aayog CEO Amitabh Kant said cards, ATMs and POS machines would become redundant in the country by 2020. India is in the midst of huge disruption in the world of both financial technology and in terms of social innovation, and this disruption will enable India to leapfrog. By 2020, India will make all its debit cards, credit cards, all ATM machines, all POS machines totally irrelevant. Kant said they would become redundant in India because ``every Indian will be doing his transaction just by using his thumb in 30 seconds``. Speaking at a session on `Startups and innovations which have social impact in India`, he said India has created a back end in terms of biometric which will enable the country, referring to the recently launched BHIM app and Aadhar enabled payment system initiatives. Noting that India is growing at about 7.6% per annum, Kant said it is an oasis of growth in the midst of a ``very very barren economic landscape`` across the world and the challenge for the country was to grow at even higher rates of 9 or 10% for a period of three decades or more.
|
|
|
|