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By Pastor Hal Mayer | Keep the Faith
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…”
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Some businesses are using a finger print machine to allow you access. This is happening today in US.