India inching towards cost-effective digital economy: Amitabh Kant

NEW DELHI: India is moving from 'low volume, high transaction cost' to 'high volume and low transaction cost' regime, NITI Aayog CEO Amitabh Kant said today.

"We are going to see digital transaction cost falling. The march of technology is inevitable," Kant said at an event organised by a news channel & Mastercard.

Kant said India is essentially cash economy at present as 80 per cent of transactions are in cash.

The NITI Aayog CEO also urged merchants to gradually move towards digital payments era.

"The age of physical bank is over. Soon, each one of us with a mobile phone will become a walking ATM," he noted.

Kant further pointed out that India is the only country with more than billion biometrics.

"We are the only country with more than billion mobile phones, India would be much more data rich country," he observed.