Digital payments across country register growth of 40% in year through September 2021: RBI
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The Reserve Bank of India’s (RBI) digital payments index (DPI) that measures the adoption of online transactions has showed that digital payments across the country registered a growth of nearly 40 per cent in a year through September 2021. The newly constituted RBI’s digital payment index (RBI-DPI) stood at 304.06 during September 2021 as against 270.59 in March 2021 and 217.74 in September 2020.
The RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country. The Reserve Bank of India had announced construction of a composite Reserve Bank of India - Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country.
The RBI-DPI comprises 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different periods. These parameters are Payment Enablers (weight 25 per cent); Payment Infrastructure – 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.
