Amid the big push for to digital transactions post-demonetization, NITI Aayog CEO Amitabh Kant said cards, ATMs and Point-of-Sale (POS) machines would become redundant in the country by 2020. “…India is in the midst of huge disruption in the world of both financial technology and in terms of social innovation (there is) huge innovation and this disruption will enable India to leapfrog…” he said. “…and by 2020 my view is that in the next two-and-a-half years, India will make all its debit cards, credit cards, all ATM machines all POS machines totally irrelevant.”
Kant, who was speaking at a session at Pravasi Bharatiya Divas 2017, a three-day mega event, said, “[Payment cards] will all become redundant in India, and India will make this jump because every Indian will be doing his transaction just by using his thumb in thirty seconds…”
Speaking at a session on ‘Startups and innovations which have the social impact in India’ at the Youth Pravasi Bharatiya Divas in Bengaluru, he said, “What we are pushing now is digital payment in a very big way and it is a huge disruption with several innovative methods.
“India has created a back end in terms of biometric which will enable India…,” he said, highlighting recently launched BHIM app and Aadhar enabled payment system initiatives. Pointing out that India is the only country with a billion mobile and billion biometric, Kant also noted that India is largely a cash-driven economy.
Pointing out that only 2 to 2.5 percent of Indians pay taxes, Kant said, “it is impossible for India to become a 10 trillion economy like this… two trillion dollar[s] is a formal economy and another one trillion dollar[s] is an informal black economy. It is not possible for India to grow. So you need to convert the non-formal economy to a formal economy, that’s what the effort is.”
Kant said in social innovation and financial technology it was the young Indians who were disrupting the world. He said they will enable India’s leapfrog and take it to a 10 trillion dollar economy. “…So the young people of India must have the hunger, ambition and passion for driving India to innovation, to startups and disrupting India in a manner that it has never seen before,” he said.
Biometric Digital payment systems are the future of transactions, and were predicted in scripture when John the Revelator explained that no-buy, no-sell laws would be imposed on all people who refuse to accept the mark of the beast by obeying the coming global and national worship laws designed to force humanity to worship Satan and His earthly agents.
“And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” Revelation 13:17.