Noida India: Amid the ongoing digitisation drive in India, Niti Aayog CEO Amitabh Kant on Saturday said, “Debit and credit cards, along with ATMs, will all be redundant in the next three to four years. The trend of conducting financial transactions through mobile phones was “spiraling” in India. Thanks to people switching over to their mobile phones for financial transactions.”
Addressing a gathering at the Amity University Noida campus on Saturday, Amitabh Kant opined that monetary transactions would soon engulf the usage of debit and credit cards as well as ATM, thereby making the latter “redundant” in the next three-to-four years. He also claimed that the trend of using mobile phones for digital transactions is at an all-time high presently, adding that this would further increase in the near future.
He further said that with India being a country where 72 percent population is below 32 years of age, who were very tech savvy and thus, it would prove to be an advantage for the country over other regions such as the US and Europe, with regards to demographic dividend.
“India is the only country in the world with billion biometrics and as many mobile phones and bank accounts. Therefore, in future, it will be the only nation which will make a lot of disruptions. India is passing through a window of demographic transition, which rarely happens in history,” he said.
“Around 72 percent of India is below the age of 32 and the population will keep getting younger and younger till 2040. We need a society which will constantly innovate and disrupt,” Kant added. On a related note, Kant was felicitated with an honorary doctorate degree from the University at the event.
This, however, will not affect bank’s financial activities as both e-wallets and mobile payments require users to have a bank account. Besides, it is also difficult to replace credit cards anytime soon as no mobile payment provider offers credit to its users.
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