India should aim to become a cashless and paperless society by 2025, said Amitabh Kant, the chief executive officer of government think-tank NITI Aayog on the sidelines of the India Economic Summit 2016 in New Delhi.
The aim should be that credit cards, debit cards, posh machines all should be redundant, even ATMs should be redundant. All transactions should be done through mobile phone and bio-metric. It is very much doable with UPI (Unified Payment Interface) and many other players like mVisa coming in – it should not be a monopoly, there should be competition – we must move straight into biometric and mobile telephony.
Amitabh Kant, Chief Executive Officer, NITI Aayog
According to Kant, the world is starting to see India in a new light because of “big-ticket reforms” initiated by the government.
The bankrupcy law, National Company Law Tribunal, arbitration law, and the GST are “huge structural reforms which, coupled with the ease of doing business, are “sending out a message of a different India,” Kant added.