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Cards, ATMs, POS to be unnecessary by 2020

unnecessary

Bengaluru: Amid the big push being given to digital transactions post demonetisation, cards, ATMs and POS machines would become unnecessary in the country by 2020 said Amitabh Kant, NITI Aayog CEO.

Within the next two and half years, India will make all its debit cards, credit cards, ATM machines and POS machines totally irrelevant, he said at the 14th edition of the three day Pravasi Bharatiya Divas on Saturday here .

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, he added.

Due to demonetization, 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.

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