India could see credit and debit cards becoming redundant as by 2020. As more people adopt the government’s Aadhaar Payment Bridge System (APBS) which will allow authentication of payments with nothing more than a user’s fingerprint.
“India is in the midst of huge disruption in the world of both financial technology and social innovation. By 2020, my view is that India will make all debit cards, credit cards, ATMs and POS machines totally irrelevant,” said Amitabh Kant, CEO of NITI Aayog, in a panel discussion at the Pravasi Bharatiya Divas in Bengaluru on Saturday.
Read more at http://www.business-standard.com/article/economy-policy/plastic-money-will-be-redundant-in-india-by-2020-amitabh-kant-117010700592_1.html
“India is in the midst of huge disruption in the world of both financial technology and social innovation. By 2020, my view is that India will make all debit cards, credit cards, ATMs and POS machines totally irrelevant,” said Amitabh Kant, CEO of NITI Aayog, in a panel discussion at the Pravasi Bharatiya Divas in Bengaluru on Saturday.
Read more at http://www.business-standard.com/article/economy-policy/plastic-money-will-be-redundant-in-india-by-2020-amitabh-kant-117010700592_1.html
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