Mumbai, Maharashtra Jul 29, 2024 – Digital payments in India surged by 12.6% year-on-year, as per the Reserve Bank of India’s (RBI) Digital Payments Index (RBI-DPI) released on March 31, 2024. The index, which gauges the adoption of online transactions across the country, stood at 445.5 by the end of March 2024, compared to 418.77 in September 2023 and 395.57 in March 2023.
In a statement released on Friday, the RBI attributed the growth to “significant growth in payment performance and payment infrastructure across the country.” The central bank had first introduced the RBI-DPI in March 2018 to monitor the increasing adoption of digital payment methods nationwide. This index was first proposed in 2021 to measure the penetration of digital payment options in India.
The RBI-DPI comprises five key parameters: Payment Infrastructure Demand-side factors, Payment Infrastructure Supply-side factors, Payment Performance, Payment Enablers, and Consumer Centricity. These parameters measure the depth of digital payment usage, platform penetration, and overall performance over time.
The weightage of each parameter is not uniform. Payment Performance carries the highest weight at 45%, followed by Payment Enablers at 25%, Payment Infrastructure Supply-side factors at 15%, Demand-side factors at 10%, and Consumer Centricity at 5%. The index is published semi-annually, starting in March 2021, and is released every four months. The next index will be published in September 2024.
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Daniel Martin
Source :Daniel Martin