Digital payments across the country recorded a growth of 12.6 percent as on March 31, 2024, according to an RBI index measuring the adoption of online transactions.
RBI’s Digital Payments Index stand at 445.5 at the end of March 2024, compared to 418.77 in September 2023 and 395.57 in March 2023.
“The RBI-DPI index has increased across all parameters due to significant growth in payments performance and payments infrastructure across the country during this period,” the Reserve Bank of India (RBI) said in a statement on Friday.
The central bank had announced the creation of a composite RBI-DPI in March 2018 as a basis to capture the extent of digitization of payments across the country.
The index comprises five broad parameters that enable us to measure the depth and penetration of digital payments in the country over different periods.
These parameters are payment enabler (weightage 25 percent); Payments infrastructure – demand-side factors (10 percent); Payments infrastructure – supply-side factors (15 percent); payment execution (45 percent); and consumer centricity (5 percent).
The index is published on a semi-annual basis from March 2021 with a lag of four months.
Digital payments to grow by 12.6% by end of March 2024: RBI
