The chief of the National Institution for Transforming India, a government agency, has suggest that identity solutions led by the biometrics-backed unique ID number, Aadhaar, could render existing technologies obsolete.
Amitabh Kant said at a conference in Bangalore that Aadhar-enabled technology could disrupt ATMs and POS machines because it can help people make transactions using mobile phones in just 30 seconds.
"India is in the midst of a huge disruption in the world of both financial technology and in terms of social innovation. In my view, within the next two-and-half years, India will make all its debit cards, credit cards, ATM machines and PoS machines totally irrelevant," he said at the 14th edition of the three-day Pravasi Bharatiya Divas.
"In the next two-and-a-half years (by 2020), India will make all its debit cards, credit cards, all ATM machines all POS machines totally irrelevant," Kant said.
He said cards and swiping machines will lose their relevance as Indians will be using Aadhar-enabled technology for transactions as this only needs a mobile phone. The transaction would also be done in just 30 seconds, he added.
"India has created a back end in terms of biometric which will enable India…," he said, highlighting recently launched BHIM app and Aadhar enabled payment system initiatives.
"Due to demonetization, there is a huge push towards digital payments. India is the only country in the world with a billion mobile connections and a billion biometrics," he added.