2020 No POS. What do you think about the statement by Mr. Amitabh Kant, CEO of Niti Ayog, that ATM, debit cards, and POS devices will become redundant by 2020 and mobile phones and the internet will be the sole means of transaction? Is it practical? https://qr.ae/pNrLok

Yes. Actually it can happen even earlier.

All it would take is demonetization of all denominations of currency notes and cutting off electricity supply to all stores.

When paper money loses its value, who would need ATM?

Without electricity, POS terminals would stop working. When POS machines don’t work, who would need plastic credit cards and debit cards?

Since Mobile Wallets have battery, they will work without electricity.

Ergo, ATM dead, POS dead, plastic credit card and debit cards dead. Long live mobile wallets.

For the doubters who wonder how mobile phone batteries would be recharged without electricity. Well, this is India, we’ll cross the bridge when we come to it. We’ve a admirable track record of getting things done by putting the cart before the horse. #CashlessIndia – Why Putting Cart Before Horse Will Work .

UPDATE DATED 28 OCTOBER 2019:

According to a recent article, the number of POS machines in India has grown from 1.5M in 2016 to 4.25M now. Far from dying, POS count has exploded by 3X in two years. This is hurtling towards becoming one of the most harebrained predictions of all times!