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NITI Aayog: Latest News, ATMs will be redundant in 4 years

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 parties will use their mobile phones for financial transactions.

He further “re just saying that” with India being a country where 72 percent person 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 utter charge card, debit card and ATMs technologically redundant in next 3-4 times and we all will be using mobiles for doing countless business ,” Kant said at Amity University Noida campus where he was felicitated with an honorary doctorate degree. see Home

Kant “re just saying that” India is no other country in the world with billion biometrics and as countless mobile phones and bank accounts and therefore, in future, it will be the only society which will make a lot of interruptions.

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 of the members per annum and it is an oasis of growth in the midst of an exceedingly barren fiscal scenery in various regions of the world but our objection is to grow at even higher rates of 9-10 percent of the members ,” Kant said.

He said that India is passing through an opening of demographic modulation, which rarely happens in history.

About” 72 per cent of India is below persons under the age of 32 and specific populations will impede getting younger and younger till 2040 while specific populations across America and Europe will retain get older and older … We involve a society which will constantly innovate, which are continually disrupt ,” the Niti Aayog CEO said .

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