Chief Architect of startup India campaign and CEO of Niti Ayog feels that brick and mortal businesses will be dead by 2023. Speaking at an event organized by TIE, Mr Kant Said “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. In the last 45 years we have given license to 19 banks but in the last nine months we have given license to 23 payment banks, and many of them are telecom companies including Paytm and Airtel. The brick and mortar sector will go dead”.
According to Kant Banking sector will be see a major hit with the launch of many payment banks like PAYTM and Airtel. According to him it will be more of a technology show and technology will take the driver’s seat. Currently 350 million people use internet via mobile and internet and 1 billion people will be online by 2023. According to him “It will all be mobile, telephonic transaction. India will leap frog again. This is because today we are about 350 million using the Internet but 2020-23 there will be about 1 billion people in India using the Internet. Similarly, usage of the Internet will increase with more people on smart phones. A billion Indians with access to the Internet, biometric and using the smart phones we will radically alter the world.”
He added that “Across the world, whether you look at trends in Japan, US or Germany, everywhere is getting digitized. It is inevitable.”