A plastic debit or credit card that we use today may not exist in the coming years, said Gautam Aggarwal, CEO, South Asia, Mastercard, suggesting that the future of payments could entirely be digital, requiring no physical form. The act of payment itself would become a subconscious activity, Aggarwal said while addressing the NDTV World Summit 2025.
“The idea of what a card would look like in the future is anybody’s guess. My idea is that it wouldn’t exist in the form of plastic. You can tokenise and digitise your card in your phone, watch, ring, etc. I don’t think it will exist in physical plastic form in the future. That time is not far when the act of payment will become a subconscious thing, not a conscious thing. It will be like the air you breathe,” said Aggarwal.
The payment ecosystem in the future could also do away with the need for OTPs. The senior executive said efforts are now underway to replace it with biometrics.
“We have to create trust in the ecosystem. It’s about convenience, safety, and trust without friction. Today, whatever we do requires OTPs. We are working to remove OTP and replace it with biometrics, and that would remove the friction aspect,” he said.
Aggarwal said agentic commerce is also enabled in the online world. “The agents would work on your behalf to tell you what to buy, from where to buy, and what’s the best deal. I am pretty certain this is going to happen in our lifetime,” he asserted.
Talking about UPI and digital payments, he said India has undoubtedly the most advanced payment ecosystem in the world. Aggarwal gave the credit to three factors: Indian innovators coming together, the presence of a progressive regulator, and a collaborative mindset.
“This blend has made India the leading digital payment space in the world,” he said.
But it’s just the beginning since what has been achieved thus far is only a very small part of India’s potential, he added.
