India’s digital payments have increased 12.6% year over year; at the end of March 2024, the RBI’s Digital Payments Index (RBI-DPI) was at 445.5, up from 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 central bank stated on Friday.
Since January 1, 2021, the Reserve Bank has been releasing a composite RBI-DPI index, which uses March 2018 as its base month to reflect the level of digital payment adoption nationwide.
The five basic factors that make up the RBI-DPI allow the penetration of digital payments in the nation to be measured over a range of time periods.
Payment Enablers (weight: 25%); Payment Infrastructure – Demand-side factors (10%); Payment Infrastructure – Supply-side factors (15%); Payment Performance (45%); and Consumer Centricity (5%) are these metrics.
Sub-parameters for each of these parameters are made up of different quantifiable indications.
