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HomeIndustriesBFSIIndia’s digital payments register growth of 29 per cent

India’s digital payments register growth of 29 per cent

The RBI-DPI index has demonstrated significant growth, representing the rapid adoption and deepening of digital payments across the country in recent year

In a year through March 2022, digital payments across the country registered a growth of nearly 29 per cent, as per the RBI’s latest index that measures the adoption of online transactions.

The newly constituted RBI’s digital payment index (RBI-DPI) stood at 349.3 in March 2022 against 304 in September 2021 and 270.6 per cent in March 2021. “The RBI-DPI index has demonstrated significant growth, representing the rapid adoption and deepening of digital payments across the country in recent years,” the RBI said in a statement on Wednesday.

As a base to capture the extent of digitisation of payments across the country, the Reserve Bank had announced the construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) in March 2018. The RBI-DPI comprises five broad parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods.

These parameters are payment enablers (weight: 25 per cent); payment iInfrastructure – demand-side factors (10 per cent); payment infrastructure – supply-side factors (15 per cent); payment performance (45 per cent); and consumer centricity (5 per cent).

The index is published on a semi-annual basis from March 2021 onwards with a lag of 4 months.

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Khushbu Soni
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