Are The Days Of ATMs And Cards Numbered?

    • Agencies
    • Publish Date: Nov 13 2017 1:37PM
    • |
    • Updated Date: Nov 13 2017 1:40PM
Are The Days Of ATMs And Cards Numbered?

Niti Aayog CEO Amitabh Kant today said 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.

He further said that with India being a country where 72 per cent 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.

"India will make credit cards, debit cards and ATMs technologically redundant in next 3-4 years and we all will be using mobiles for doing many transactions," Kant said at Amity University Noida campus where he was felicitated with an honorary doctorate degree.
 
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. 

Comments

Ronit.R National Hill View Public School

A great shift

Ritvik Baweja BAL BHARTI PUBLIC SCHOOL (PITAM PUR

India is a fast developing nation, we started off from barter system came to paper currency then shifted to plastic money. However with changing times, the trend of using credit cards and debit cards has also changed and finally we have shifted to the UPI system or the mobile transaction system. This system is far more efficient, and in the coming future will take the place of ATMs and cards.

Sanika Sawarkar NARAYANA VIDYALAYAM NAGPUR

Ya surely this will be a very adept move for india, during the past years india has never being developed in technology basis , this will be a kind of new inventory to be named after india , and also will have many advantages

Arkin Idnani BGS National Public School

Very true, the days of ATMs and cards are surely limited. There will soon be a breakthrough in banking in the similar way, ATMs and cards were. It is a matter of time before we see this and I completely agree with the statement of the CEO of the NITI.

Roma Ramcoumar Bethel Mat Hr Sec School

Yeah this is what reality is . Among us 90 % use mobile or laptop for transactions and the remaining on the way to transition . Hope that this will be a good idea and dose nit have any devastating effects on us .

Roma Ramcoumar Bethel Mat Hr Sec School

sorry NOT instead of that nit

Shubham Bansal AMITY SCHOOL (GURGAON SEC_46)

interesting.......

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