Since demonetization of old Rs. 500 and Rs. 1000 currency notes, there has been a huge push towards Digital India, especially in the banking sector.
In the past two months, many people have taken up online and cashless banking and with this huge limitation on cash withdrawal via cheque or ATMs, people are now being forced to either switch towards cashless banking, or swipe their plastic cards more.
With this new procedure finally setting in, on January 7, NITI Aayog’s CEO Amitabh Kant said that this push is soon going to make debit/credit cards, ATMs and Point-of-Sale (POS) machines redundant and added that one can expect this change as early as by the year 2020.
“India is in the midst of huge-huge disruption in the world of both financial technology and in terms of social innovation (there is) huge-huge innovation and this disruption will enable India to leapfrog and by 2020 my view is that India will make all its debit cards, credit cards, all ATM machines all POS machines totally irrelevant.”
Kant was speaking at the Pravasi Bharatiya Divas 2017 when he made this statement and said that ‘India will make this jump because every Indian will be doing his transaction using his/her thumb’.
Highlighting India’s “leaps” in the digital sector, Kant pointed towards India’s huge biometric back end data (AADHAR) which will enable them to take up the biometric enabled payment system and other payments methods like the recently launched BHIM app.
He added that that the “young people of India” must have the hunger, ambition, and a passion to drive India towards innovation, and added that this young population is a huge opportunity for the country.
“This is the biggest social and economic phenomenon that is taking place across the world, as the population across Europe and America is getting older, the population in India is getting younger…”