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Debit, credit cards, ATMs will be redundant in 4 yrs: Niti CEO

Press Trust of India  |  Noida 

Niti Aayog CEO Amitabh Kant today said debit and credit cards as well as ATMs will be redundant in next three-four years and people will use their mobile phones for financial transactions.

He further said that with being a country where 72 per cent population is below 32 years of age, it will have an advantage over other regions like the US and in terms of demographic dividend.


"will make credit cards, debit cards and ATMs technologically redundant in next 3-4 years and we all will be using mobiles for doing many transactions," Kant said at Amity University campus where he was felicitated with an honorary doctorate degree.

Kant said that is the only country in the world with billion biometrics and as many mobile phones and accounts and therefore, in future, it will be the only nation which will make a lot of disruptions.

More financial transactions will be done on mobile phones and this trend is already rising spirally, he said.

"is growing at around 7.5 per cent per annum and it is an oasis of growth in the midst of a very barren economic landscape across the world but our challenge is to grow at even higher rates of 9-10 per cent," Kant said.

He said that is passing through a window of demographic transition, which rarely happens in history.

About "72 per cent of is below the age of 32 and the population will keep getting younger and younger till 2040 while the population across America and will keep getting older and older... We need a society which will constantly innovate, which will continuously disrupt," the Niti Aayog CEO said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, November 11 2017. 23:42 IST
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