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Plastic money will be redundant in India by 2020: Amitabh Kant

He predicts an Aadhaar-based system that will allow authentication of payments with fingerprint

Anita Babu & Alnoor Peermohamed  |  Bengaluru 

India could see credit and debit cards becoming redundant as by 2020. As more people adopt the government’s Aadhaar Payment Bridge System (APBS) which will allow authentication of payments with nothing more than a user’s fingerprint. In the aftermath of demonetisation, the government has begun pushing digital payments as a way to counter the shortage of cash as well as a way to ensure an accountability in payments. While a big part of its strategy has been to promote digital payments through smartphones, initiatives such as APBS, which will completely remove the ...


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First Published: Sun, January 08 2017. 00:13 IST