As India continues with its cash crisis, it's been recently suggested that within the next few short years we could see ATMs become redundant in the region there. A lot of that is thanks to the steady growth in mobile phone transactions. They are experiencing a major disruption as of late for many of the citizens there who are scrambling to get rid of their cash. Still, roughly 85 percent of the transactions taking place are in cash. But it's estimated that could drastically change in a few years time.

Because of the crackdown on cash, it has boosted popularity in pushing more people toward embracing mobile phone payment systems.

The infrastructure for a cashless economy is there, with the many millions of people who are already using the system. The suggestion that ATMs in the region might become irrelevant within just a few years time, was made at the 2017 Jaipur Literature Festival which took place recently.

It's also expected that as soon as the major telecommunication companies get behind the digital banking, that the cashless economy will show a surge in growth as a result. But some aren't so optimistic that it will only be a few short years and expect that it still might be quite awhile before the cashless economy becomes a realization.

What's Even More Interesting...

It's also been recently suggested that the country could also eliminate credit cards, debit cards, and ATMs, by switching to a biometric payment system. They suggest that electronic payments, by 2020, might be made completely redundant.

and the only thing that will be needed for a transaction is the scan of an eyeball or a finger

One government official, Amitabh Kant, said that each citizen will be their own walking ATM. And he described the event as the "biggest technological leapfrogging" in the history of mankind. The head of the State Bank of India also reiterated Kant's sentiments on seeing the plan come to fulfillment.

Currently the Indian government is allegedly testing a payment app that uses biometric data.

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Sources:
http://economictimes.indiatimes.com/industry/banking/finance/banking/even-cash-machines-redundant-in-three-years-say-officials-other-stakeholders-doubtful/articleshow/56714589.cms

http://money.cnn.com/2017/01/19/technology/india-cash-biometric-payments-davos/

http://economictimes.indiatimes.com/small-biz/money/how-banking-apps-and-digital-cash-solutions-are-all-the-rage-in-india/articleshow/56695168.cms