Debit, Credit Cards, ATMs Will Be Redundant In 4 Years: Niti Aayog

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New Delhi: Niti Aayog CEO Amitabh Kant on Saturday said that Debit and credit cards, along with ATMs, will all be redundant in the next three to four years.

Addressing an event at Amity University in Noida, Kant said, “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,”

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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 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 also said.