Debit, credit cards and ATMs will be redundant in 4 yrs, says Niti Ayog Chairman Amitabh Kant

You may no longer find your ATMs and cash and credit cards to be the only source of making any kind of financial transactions, said Niti Ayog CEO Amitabh Kant.

Debit and credit cards as well as ATMs will be redundant in next three-four years said the CEO of Niti Ayog. 72 per cent of India's population is below the age of 32, added Kant. 

In this way India is going to enjoy a population dividend higher than the United States (US) and the Europe.  "India will make credit cards, debit cards and ATMs technologically redundant in next 3-4 years and we all will beusing mobiles for doing many transactions," Kant said at Amity University Noida campus where he was felicitated with anhonorary doctorate degree.

With billion biometrics and as many mobile phones and bank accounts India will be the only nation in the world 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.

"India is growing at around 7.5 per cent per annum and it is an oasis of growth in the midst of a very barren economic landscape across the world but our challenge is to grow at even higher rates of 9-10 per cent," Kant said. India is passing through a window of demographic transition, which rarely happens in history.

About "72 per cent of India is below the age of 32 and the population will keep getting younger and younger till 2040 while the population across America and Europe will keep getting older and older. We need a society which will constantly innovate, which will continuously disrupt," the Niti Aayog CEO said.