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Mobile phones to replace debit cards, ATMs in next 3-4 Years


New Delhi: Debit and credit cards, as well as ATMs, will be redundant in next three-four years and people will use their mobile phones for financial transactions, said Niti Aayog CEO, Amitabh Kant.

He further said that with India being a country where 72 percent 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, Kant said at Amity University Noida campus where he was felicitated with an honorary doctorate degree on Saturday.

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.


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