RBI Data States 12.6% Increase of Digital Payments at March-end 2024

Mumbai, Maharashtra Jul 29, 2024 (EMWNews.com) – According to RBI’s index released on 31st March 2024, digital payments have crossed a 12.6% year-on-year rise. This index measures the adoption of online transactions across the country. RBI-DPI or RBI’s Digital Payments Index set at 445.5 by the end of March 2024. The 2023 September reports showed its position at 418.77 and a year before on March 2023, the RBI’s Digital Payments Index shows it at 395.57.

On Friday, the Reserve Bank of India (RBI) issued a statement, where that mentioned, “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 also announced the construction of a composite RBI-DPI in March 2018. During that time it has captured an extended use of digitalized payment options nationwide. This is the first time this index was proposed to be introduced and in 2021 it was finally introduced by RBI to fathom penetration of the digitalized payment methods in the country.

RBI’s Digital Payments Index or RBI-DPI is comprised of five board parameters that allow you to enable the measurements of deepening of usage of digital payment options in the country.  It also shows the penetrating measures of these platforms and their performances in various periods of the same year. The stated parameters are Payment Infrastructure Demand-side factors, Payment Infrastructure Supply-side factors, Payment Performance, Payment Enablers, and Consumer Centricity.

The percentages of these parameters are not equally distributed and vary based on their weightage. The Payment Performance holds the maximum of this index which is 45%, next to it are Payment Enablers with 25% of the weightage, Payment Infrastructure Supply-side factors with 15% of the weightage, Demand-side factors with 10%, and Consumer Centricity 5% the weightage. This index is published on a semi-annual basis. Starting from March 2021 onwards it has been getting published every four months. You can get the next index published in September 2024.