Digital payments register annual growth of 29% in March: RBI
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The Reserve Bank of India (RBI) in its latest report has showed that digital payments across the country registered a growth of nearly 29 per cent in a year through March 2022. The newly constituted RBI's digital payment index (RBI-DPI), which measures the adoption of online transactions, stood at 349.3 in March 2022 against 304.06 in September 2021 and 270.59 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-DPI comprises 5 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 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
