Debit, credit cards, ATMs will be redundant in 4 years: NITI Aayog

NITI Aayog Chief Executive Officer (CEO) Amitabh Kant has 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.

With India being a country where 72 per cent of the 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 on Saturday, where he was felicitated with an honourary 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.