India’s digital payments record double-digit growth: RBI data

Mumbai: Digital payments in India have registered a 12.6 per cent increase year-on-year with the RBI’s Digital Payments Index (RBI-DPI) rising to 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 driven by significant growth in payment performance and payment infrastructure across the country over the period,” the RBI said on Friday.

The Reserve Bank has been publishing a composite RBI-DPI index since January 1, 2021 with March 2018 as the base to capture the extent of digitisation of payments across the country.

The RBI-DPI comprises 5 broad parameters that enable the measurement of penetration of digital payments in the country over different time periods.

These parameters are — (i) Payment Enablers (weight 25 per cent); (ii) Payment Infrastructure – Demand-side factors (10 per cent); (iii) Payment Infrastructure – Supply-side factors (15 per cent); (iv) Payment Performance (45 per cent), and (v) Consumer Centricity (5 per cent).

Each of these parameters has sub-parameters which, in turn, consist of various measurable indicators.