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  • Category: Miscellaneous

    India will make ATMs ,debit cards and credit cards redundant in four years

    Those things we keep in as prized possessions in our money purses-debit cards and credit cards- are going to be redundant in another four years along with the ATMs.

    It is said by none other than Mr. Amitabh Kant, CEO of Niti Ayog, the new avatar of erstwhile planning commission. That is because people will use their mobile phones for financial transactions. That means paper money and plastic money will, give way for digital money.

    He surprised us saying that in this we will be overtaking the US and Europe, because of the demographic advantage of having more than 72 per cent of people are below 32 years.

    In any matter there will be some gainers and some losers. What is your opinion on this news? Who will gain? What changes will happen? How we will be cope up with new situation?
  • #615439
    Sir, we need to change or advance, digital transactions are good but they come with a risk.Some feel transactions on mobile phones are safer than a PC online banking. But there would still be a need to have some security against data theft (via unauthorised software installations), then in simple terms, we would need to have a digital vault that is guarded 24/7, a cybercrime prevention force created and manned for the large number of users (especially if we do overgrow the US and Europe).
    There would or should be better device theft recovery methods. So, anyone in the digital India business, mobile hardware and software companies will gain, the losers would be banks, bank staff and security providers for physcial money transportation etc.Sooner or later we would cope but we would still need hard cash or paper cash for the small purchases that we do daily in Rs100s and Rs 200s to pay for milk,roadside eatries until a time comes when a tender coconut vendor along the rural roadway gives you a refreshing coconut water in exchange for a digital transfer of Rs 20 on to his mobile phone


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