Niti Aayog CEO Amitabh Kant on Saturday (11 November) said that debit cards, credit cards and ATMs, will be redundant in next three to four years and people will use their mobile phones for financial transactions.

He further said that with 72 per cent of India’s population below the age of 32, the country will have an advantage over other regions like the United States and Europe in terms of demographic dividend.

Kant said that India – being the only country in the world with a billion biometric identities and as many mobile phones and bank accounts – will be the only nation which will make a lot of disruptions in the coming years.

More financial transactions will be done on mobile phones and this trend is already rising spirally, he said.

"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 said.

He said that India is passing through a window of demographic transition, which rarely happens in history.

“About 72 per cent of India is below the age of 32 and the population will keep getting younger and younger till 2040 while the population across America and Europe will keep getting older and older... We need a society which will constantly innovate, which will continuously disrupt," he said. PTI