ATMs, Credit, debit cards set to disappear: Niti Aayog CEO
New Delhi : With India embracing applications of technologies at an accelerated pace, digital transactions will be done through mobile wallets and biometric modes and credit and debit cards as also ATMs were set to disappear, Niti Aayog CEO Amitabh Kant has said.
"Technology will be a key driver of India's growth," Kant said while launching the Trade and Investment Facilitation Services (TIFS) of the PHD Chamber of Commerce and Industry (PHDCCI) here on Friday evening.
"Physical banking in India is almost dead and it is adopting pervasive technologies with such an accelerated pace that in next three to four years, the digital transactions would move through mobile wallet and biometric modes," he said. "Credit cards, debit cards and ATMs will disappear."
Kant said that India was growing 7.6 per cent annually in the midst of a very barren barren economic landscape across the world.
"The population in America and Europe will keep getting older while that of India will keep getting younger," he said.
In terms of ease of doing business, he said that in the last year "we scrapped 1200 laws".
Stating that India was larger than 24 European countries, Kant said that states should appear as champions of growth.
He declared that India would continue to globalise and dismantle rules and regulations that adversely affected inbound investments. It would also create conditions for expansion of its economy.
"Despite (US President Donald) Trump talking of protectionism (of US economy), there is no talk of protectionism here," the Niti Aayaog CEO said.