Debit and credit cards, along with ATMs, will all be redundant in the next three to four years thanks to people switching over to their mobile phones for financial transactions, Niti Aayog CEO Amitabh Kant on Saturday said.
Addressing an event at Amity University in Noida, Kant said, "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,"
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He attributed this change to the fact that 72 percent population of India was below 32-years-old who were very tech savvy and thus, it would prove to be an advantage for the country over other regions such as US and Europe, with regards to demographic dividend.
At the event, where Kant was felicitated with an honorary doctorate degree, he said that the trend of conducting financial transactions through mobile phones was "spiraling" in India.
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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, he said.
"India is growing at around 7.5 percent 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 percent," Kant said.
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He said that India is passing through a window of demographic transition, which rarely happens in history.
About "72 percent 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," the Niti Aayog CEO said. – Times Now