Swipe machine, cards to be irrelevant by 2020: NITI Aayog
With the disruption over digital payments space in India has a chance of making ATM cards and PoS (point of sale) machines redundant by 2020, NITI Aayog CEO Amitabh Kant said.
Addressing 14th Pravasi Bharatiya Diwas in Bengaluru on Saturday, Kant said, “India is in the midst of a huge disruption in the world of both financial technology and in terms of social innovation. In my view, within the next two-and-half years, India will make all its debit cards, credit cards, ATM machines and PoS machines totally irrelevant.”
Kant said cards will lose relevance as every Indian will transact only by using the thumb and mobile phone. The transaction would be done in just 30 seconds through Aadhar-enabled technology. “Due to demonetisation, there is a huge push towards digital payments.India is the only country in the world with a billion mobile connections and a billion biometrics,” he added.
Kant said that demonetisation was necessary with more than 85 per cent of transactions in cash, and only a few paying taxes in a country with a population of more than 1billion.
“The challenges are not in using drone technology or driverless cars, because these are trivial problems the western countries can afford to address. It is about finding solutions for 1billion people.”