01 Apr 2017

Mobile wallets and biometric systems will replace debit cards and ATMs - Amitabh Kant

Amitabh Kant, the top boss of the Government's Niti Aayog believes that in the near future cash transactions and even use of debit cards and ATMs will decline and will be replaced by newer forms of transactions. These modes will include, but not limited to using biometric systems and mobile wallets. Mr. Kant believes that India is embracing the latest technology very fast and it's a key driver of country's overall growth.

Mr. Kant spoke to the media at the launch of Trade and Investment Facilitation (TIFS) of the PHDCCI. Kant further said that physical banking is 'almost dead'. In the next three to four years, almost every transaction will likely happen through biometric systems or mobile wallets. He added that India is growing at a speed of 7.6% annually when the global economic situation isn't very good.

Mobile-Wallet-Amitabh-Kant

One of the key driver of adoption of latest technology among Indians could be its 'young' population. Kant said that when US and Europe are getting older and older, the Indian population will keep getting younger. He further stated that about 1500 global companies have setup innovation centers in Hyderabad and Bangalore and India is emerging as a hub of 'frugal engineering'.

We'd like to ask our fellow engineers whether they agree that newer forms of payments and transactions will replace the established modes like debit/credit cards and cash transactions? If yes, how long do you expect it will take?

Source: ET

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