NEW DELHI: 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. But as you digitise things, interest rates, transaction fees go down and ability to enable savings and smart savings goes up. "The Bill & Melinda Gates Foundation started in 2000 and came to India in 2003.

Source: Economic Times November 17, 2016 17:57 UTC