Mumbai: Digital payments in India have registered a 12.6 per cent increase year-on-year with the RBI's Digital Payments Index (RBI-DPI) rising to 445.5 at the end of March 2024 compared to 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 RBI said on Friday.
The Reserve Bank has been publishing a composite RBI-DPI index since January 1, 2021 with March 2018 as the base to capture the extent of digitisation of payments across the country.
The RBI-DPI comprises 5 broad parameters that enable the measurement of penetration of digital payments in the country over different time periods.
These parameters are -- (i) Payment Enablers (weight 25 per cent); (ii) Payment Infrastructure – Demand-side factors (10 per cent); (iii) Payment Infrastructure – Supply-side factors (15 per cent); (iv) Payment Performance (45 per cent), and (v) Consumer Centricity (5 per cent).
Each of these parameters has sub-parameters which, in turn, consist of various measurable indicators.