Forget cash, is India going to get rid of plastic money too by 2020?

The Modi govt is banking on the BHIM app to be the future of financial transactions in India

After India’s government took 86% of currency out of circulation a couple of months ago, its main policy think-tank has a new plan for the country: rendering plastic money “irrelevant” by 2020.

Amitabh Kant, Chief Executive Officer of NITI Aayog, which helps the government formulate long-term policies, said Sunday that India was in the midst of a “huge disruption” in financial technology and innovation, which will enable the country to transition from using plastic money to mobile transactions.

“By 2020, India will make all debit cards, all credit cards, all ATM machines, all [point-of-sale] machines totally irrelevant,” Mr. Kant said