Pravasi Bharatiya Divas 2017

ATM, credit cards will become irrelevant by 2020, says Kant

CONSTRUCTIVE CHAOS: India is in the midst of disruption in fintech and social innovation, says Amitabh Kant.

CONSTRUCTIVE CHAOS: India is in the midst of disruption in fintech and social innovation, says Amitabh Kant.   | Photo Credit: PTI

With the adoption of technology and the kind of disruption happening in the digital payments space, ATM cards and POS would become redundant by 2020, said NITI Ayog CEO Amitabh Kant.

Mr. Kant who was talking at a session organised as part of the Youth Pravasi Bharatiya Divas also said the country can use technology to leapfrog various issues in areas such as education, health, among others.

“India is in the midst of 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,” Mr. Kant said.

Speaking at a session on ‘Startups and innovations which have social impact in India,’ he also said that start-ups can work on various issues and social innovation can help to empower the weaker section of the society.

Further he said: “The cards will become redundant in India as every Indian will do transaction just by using his thumb and mobile phones. The transaction would be done in just thirty seconds through Aadhar-enabled technology.”

Demonetisation push

“Due to demonetisation there is a huge push towards digital payments. India is the only country in the world with a billion mobile connection and a billion biometric,” he added.

Mr. Kant also said that over 85 per cent of the transaction was in cash and only a few were paying taxes in the country.

Stressing on the need for digital transaction and creating a formal economy he said: “It is impossible for India to become a ten trillion economy like this where two trillion dollar is a formal economy and another one trillion dollar is an informal black economy. It is not possible for India to grow.”

Mr. Kant also said that start-ups can become job creator and will help in the GDP growth. He also emphasized on the need for creating more women entrepreneurs.

On the GDP growth he said, India is growing at about 7.6 per cent per annum and it is an oasis of growth in the midst of a very barren economic landscape across the world.

This article is closed for comments.
Please Email the Editor

Printable version | Sep 25, 2020 10:33:25 PM | https://www.thehindu.com/business/Economy/ATM-credit-cards-will-become-irrelevant-by-2020-says-Kant/article17005420.ece

In This Package
PIOs feted for their services
NRIs keen to invest in UT: Chief Minister
Awarding PIOs in recognition of their services
Other States beat Kerala in emigration to Gulf
President turns spotlight on vulnerable sections
Girmitya countries look at India to preserve their history
Puducherry plans mega investors’ meet
Novel note smuggling ways surprise Customs officials
A hero who comes to the rescue of the dead
Indian diaspora in Qatar seeks separate registration cell for domestic workers
Blood ties matter, not colour of passport, Modi tells global Indians
Diaspora will help improve ties, says Portuguese PM
Illegal recruitment will be done away with: Minister
India sees increase in tourist arrivals
For these islanders, a reunion with Tamil
Note ban critics revere black money: PM
Pravasi Bharatiya Divas draws largest crowd ever
Insistence on English for students leads to bitterness
Minister puts PM in league of Gandhi, Swami Vivekananda
India can emerge a superpower: Suriname
The man behind the iconic Mahatma stamp
You are reading
ATM, credit cards will become irrelevant by 2020, says Kant
Barai, Shivangi to receive Pravasi Bharatiya Samaan Award
Govt. to issue cards for non-resident Kannadigas
Bengaluru is set to host Pravasi Bharatiya Divas
India lacks plan for global rescue: Study
Pravasi Bharatiya Divas: Some have a record of 100% attendance
Bengaluru to host largest gathering of Indian diaspora
Preparations in full swing for Pravasi Bharatiya Divas
Next Story