India’s new form of currency?

The chief executive of India’s leading economic development agency told attendees at the World Economic Forum in Davos that the country could introduce biometric payments within three years, thereby eliminating the need for cash and typical electronic payment methods, including: automated teller machines, along with debit and credit cards.
Amitabh Kant, National Institution for Transforming India, was quoted in a CNN news affiliate report as saying that such now commonplace e-payment methods may be “totally redundant” by 2020.
According to Kant, thanks to the wide deployment of Aadhaar, in the near future all Indians will simply need to use a biometric identifier such as a thumbprint or eye scan to make routine payments.
Arundhati Bhattacharya, Chair and Managing Director of the State Bank of India, said in the same report that moving towards a biometric e-payment scheme is something that’s “eminently doable” due to India’s wide adoption of Aadhaar.
Aadhaar is the 12-digit unique identification number issued by the Indian government to every individual resident of India. The Aadhaar project aims to provide a single, unique identifier which captures all the demographic and biometric details of every Indian resident. Currently, Aadhaar has issued over 900 million Aadhaar numbers, and has enrolled approximately 850 million people, with a goal of ultimately enrolling 1.28 billion people.

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