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Niti Aayog CEO Amitabh Kant: ATMs, Credit and Debit Cards to Disappear

Amitabh Kant

While India is gearing up for more digital, the technology applications are at an accelerated pace. This move could lead to more digital transactions through various modes. This may include mobile wallets and bio-metric modes and disappearing credit and debit cards as also ATMs.

“Technology will be a key driver of India’s growth. 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 the mobile wallet and biometric modes. Credit cards, debit cards, and ATMs will disappear,” says, Niti Aayog CEO Amitabh Kant while launching the Trade and Investment Facilitation Services (TIFS) of the Ph.D. Chamber of Commerce and Industry (PHDCCI) in New Delhi yesterday.

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Also, Mr. Kant said that India is growing 7.6 percent annually in spite of a very barren economic landscape across the world. He also said that the population in America and Europe is getting older while the population in India is getting younger. When asked about the ease of doing business, he replied that “we scrapped 1200 laws last year”.

Mr. Kant also expressed that, India was larger than 24 European countries and the states should appear as champions of growth. India would see more urbanization in the recent times and technology would play a key role in this.

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New Technology is on the way to protect Credit Card and Mobile Transactions from Hacking

Credit cards protection

Scientists are busy for getting new technologies and looking for better ways to defend credit cards and mobile transactions from hacking. The new technologies focus on securing the Radio-Frequency Identification (RFID) technology used in passports, credit cards and online transactions.

The technology, which allows fast, automated identification of physical objects, is also an essential for many industries, factories and warehouses use it to track inventory and manage supply chains pharmaceutical companies deploy it to truck drugs, and courier service uses it to tag deliveries.

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Li Yingjiu, associate professor at the Singapore Management University (SMU), said, “A security crack in RFID applications would leak valuable information about physical objects to unauthorised parties.” Since RFID tags work by spreading information to electronic RFID readers, security breaks can occur if hackers eavesdrop on this conversation, and manage to gain access to or tamper with information.

However, to protect communications between tags and readers, scientists are designing and testing new RFID protocols with enriched security features. These techniques include making the protocol’s output volatile, making two tags fuzzy to the hacker, and stopping hackers from finding useful information.

In addition, there are many examples where sharing of RFID information between suppliers and retailers, for example, or between several components of an internet of things would have obvious benefits.

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Moreover, without proper security controls, many companies would be unwilling to make valuable data readily available. To point out this situation, researchers are also scheming improved access control mechanisms that protect RFID information when it is shared on the internet.

For every day functions like banking transactions, card transactions and other payments smartphones are suing vastly, and the security is very important in that area.