Mobile wallets, biometric modes of payments to replace cards: NITI Aayog CEO

Mobile wallets, biometric modes of payments to replace cards: NITI Aayog CEO

NEW DELHI: Mobile wallets and biom­etric modes of payments will replace debit and credit cards in the next three to four years, NITI Aayog CEO Amitabh Kant said today. “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 com­pletely replacing debit and credit cards,” Kant said. In the last two-and-a-half years, the government has announced several reform measures that resulted in attract­ing healthy FDI, Kant said at an event organised by the PHD Chamber here. “Our foreign direct investment (FDI) has increased by 60 per cent in the last two years. But FDI across the world has de­clined by 16 per cent … India’s drive for opening up economy will continue una­bated,” he added.
Kant said India believes in globalisa­tion and it would continue to globalise and not talk about protectionism. “Despite the talks of Brexit, despite Donald Trump gov­ernment talking of protectionist policies, we believe in globalisation.” India is grow­ing at over 7 per cent, but “our challenge is to grow at 9-10 per cent for the next three decades” to bring millions of people out of poverty, he said. Kant also highlighted that India has emerged as the country of low-cost engineering, and global players like Renault and Hyundai are manufactur­ing cars here and exporting to other parts of the world.

Leave a Reply

Your email address will not be published.