The world will go cashless and India will move quite rapidly to a digital payments economy, said billionaire philanthropist Bill Gates, co-chair of the Bill & Melinda Gates Foundation.
Gates, who co-runs the world's largest private foundation, believes digital transactions will be a game changer, reducing inflation, interest rates and transaction fees.
“Digital world lets you track things,“ said Gates, pointing out that Nordic countries use very little cash and are now moving debit cards to cell phones. “Once digital payment banks are enabled in India, which should be any day, as there are eight applications from companies like Paytm and Airtel, combined with other things like direct benefit transfers, universal payments interface and Aadhaar, I think India will go digital quite rapidly. And I think it will be incredibly beneficial,“ he added. On the government's decision to discontinue Rs.1,000 and Rs.500 notes, Gates said he is favour of digitisation. “That's a good thing to do,“ Gates told a group of journalists in New Delhi. “I have no opinion on demonetisation.You know what it is far better than I do.“
Technology titan Gates believes digitisation will be good for every sector -be it finance or healthcare.
Gates, who co-runs the world's largest private foundation, believes digital transactions will be a game changer, reducing inflation, interest rates and transaction fees.
“Digital world lets you track things,“ said Gates, pointing out that Nordic countries use very little cash and are now moving debit cards to cell phones. “Once digital payment banks are enabled in India, which should be any day, as there are eight applications from companies like Paytm and Airtel, combined with other things like direct benefit transfers, universal payments interface and Aadhaar, I think India will go digital quite rapidly. And I think it will be incredibly beneficial,“ he added. On the government's decision to discontinue Rs.1,000 and Rs.500 notes, Gates said he is favour of digitisation. “That's a good thing to do,“ Gates told a group of journalists in New Delhi. “I have no opinion on demonetisation.You know what it is far better than I do.“
Technology titan Gates believes digitisation will be good for every sector -be it finance or healthcare.
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