Within three years, cash machines in India will be completely irrelevant, due to the exponential growth of mobile phones for transactions.

‘We’re in the middle of a major disruption’, said Kant. ‘At the moment, 85% of transactions are in cash, which creates more opportunities for ‘black money’. But we have seen extraordinary growth in mobile phones, meaning the infrastructure for a cashless economy is there.’

Aruna Sunderarajan, newly-appointed secretary of the Ministry of Information and Technology, said: ‘Once the four big telcos swing behind digital banking, which will happen next year, the cashless economy will grow exponentially. Look at the example of Kenya – it’s less banked and less advanced technologically, yet 50-60% of financial transactions happen on phones.’

Citing the example of Kenya, which is “less banked and less advanced technologically” yet sees 50-60 per cent of financial transactions happening on phones.

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