Here is why debit, credit cards will be a thing of the past in 3 years
Debit, credit cards and ATMs will soon be a thing of the past. In the next three years, the cards as well as the ATMs will be redundant, CEO of Niti Aayog, Amitabh Kant said on Saturday.
He said that in the next three to four years, people will start using their mobiles. He further said that with India being a country where 72 per cent 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.
He said that India is passing through a window of demographic transition, which rarely happens in history.
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," the Niti Aayog CEO said.