India to use mobile phones for financial transactions in coming years: Kant

Niti Aayog CEO sees India to be in a better position than other regions like the US and Europe in terms of demographic dividend.

India will switch over to mobile phones for more financial transactions in next three-four years, Niti Aayog CEO Amitabh Kant recently said at Amity University’s Noida campus.

"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," PTI quoted Kant as saying.

He further said that India will be in a better position than other regions like the US and Europe in terms of demographic dividend as 72 per cent of its population is below 32 years of age.

"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 quipped.

Source: PTI


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