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


Team Udayavani, Nov 12, 2017, 9:19 AM IST

Noida: 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.

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

“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 where he was felicitated with an honorary doctorate degree.

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

“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.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

‘COVID was different’: SC bemoans distribution of free ration

Nagarjuna’s younger son Akhil Akkineni engaged

People getting heartburns after I became CM for second time: Siddaramaiah

Newborn baby kidnapped from Kalaburagi hospital in Karnataka

Gukesh draws with Liren in second game of World Chess Championship

All about ‘One Nation One Subscription’ scheme

PAN cards with QR code planned under PAN 2.0 project

Related Articles More

‘COVID was different’: SC bemoans distribution of free ration

Five arrested in connection with botched angioplasty deaths at Gujarat hospital

Deceased Kannur official’s widow moves Kerala HC for CBI probe into his death

Kerala CM accuses Centre of turning ‘blind-eye’ towards Wayanad’s need for help

Construct iconic deep tech building in Amaravati, Andhra CM tells officials

MUST WATCH

Grafting

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing


Latest Additions

‘COVID was different’: SC bemoans distribution of free ration

Telugu actor Shri Tej booked for alleged cheating, false marriage promise

Five arrested in connection with botched angioplasty deaths at Gujarat hospital

Deceased Kannur official’s widow moves Kerala HC for CBI probe into his death

CAMPCO urges Centre to take action on areca nut ‘carcinogen classification’

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.