ATMs Will Become Redundant in Next Four Years : Niti Aayog CEO, Amitabh Kant

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ATMs Will Become Redundant: It’s becoming more and more endearing that India is going through a phase where the digital trend is going deep. Pointing that, Niti Aayog CEO, Amitabh Kant on Saturday 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. This is a very positive sign towards digitization.

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

ATMS Will Become Redundant Including Credit and Debit Cards:

“India 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 also added that, about 72 per cent of India is below the age of 32 and the population will keep getting younger and younger till 2040 while the population across America and Europe will keep getting older and older.

We need a society which will constantly innovate, which will continuously disrupt. India is passing through a window of demographic transition, which rarely happens in history. This tell us the whole story where the people are shifting towards digitalization.

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