Amitabh Kant CEO of Niti Aayog had said in 4 years credit and debit cards will be reduced or stopped in India.
As the process of demonetisation, in Indian the government is trying to promote cash less transaction more. For that they were encouraging card payments. But now a head of the process the citizens are advised to use mobile phone based money transaction using the apps.
India has the major advantage of more than 72 percent Indian population are youngsters in the age of 32, so the government can take measures to use the technology, as these age group persons can adapt easily to new technologies.
India is seen growing by 7.5 percent each year. The Government is trying to make this growth higher in the upcoming years. For this they believe that it can be achieved by using new technologies.
Also in Indian the mobile based transaction will be possible since they have made compulsory to integrate aadhar with mobile numbers.
Aadhar number includes all the major details of a citizen, including the bank details. So let’s see how the technology is going to be useful in the upcoming years