An Indian think tank established by the country’s leader, Narendra Modi, is foreseeing a giant leap toward mobile transactions.
The Wall Street Journal reports that Amitabh Kant, CEO of NITI Aayog, which consults the government on long-term policy, claimed to an international forum that the country could soon see a revolution in financial technology that may make plastic payment obsolete within the next three years.
“By 2020, India will make all debit cards, all credit cards, all ATM machines, all [point-of-sale] machines totally irrelevant,” the Journal quoted Kant as saying at the Pravasi Bharatiya Divas annual event in the tech hub of Bangalore.
