Biometric Payments To Replace Cards In Next Few Years: Kant

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Niti Aayog has said that mobile wallets and biometric modes of payments will replace debit and credit cards in the next three to four years.

Biometric Payments To Replace Cards In Next Few Years: Kant
Commenting on the issue, NITI Aayog CEO Amitabh Kant told the media, "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."

"In the last two-and-a-half years, the government has announced several reform measures that resulted in attracting healthy FDI. 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 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.

Read more about: credit cards, niti ayog
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