Digitalization will make brick and mortar businesses irrelevant- says NITI Ayog CEO

Digitalization is revolutionizing economy and markets according to the CEO of NITI Ayog, Amitab Kant. Speaking at a startup Expo, Mr Kant highlighted that India’s with one of the largest population with millions of internet users and Aadhaar IDs, is digitalizing fast.

According to him, “India is the only country with a billion mobile phones and biometrics. In the last 6-7 months, we have added almost 28 crore bank accounts.” Changes are now driven by technology.

Mr Kant has highlighted the permission given to 23 payment banks by the RBI. Banks have already adopting technology driven payment system and other transactions.

Several efforts were taken by government entities like the National Payment Corporation to extend digitalized services to the poor sections as well as to the remote corners of the country. Banks themselves have adopted technology using options to provide financial services in large scale without constructing brick and mortar branches in remote areas.

The CEO has highlighted government’s decision to bring Aadhaar ID a proactive role in the effort to financial inclusion efforts.

The ecommerce market is fast grown to $18-19 billion mark and brick and mortar is getting quickly out fashioned.