Digital payments record 24% annual growth at the end of September 2022: RBI Data
- IBEF
- February 1, 2023
As per an index of the Reserve Bank of India (RBI) which measures the adoption of online transactions, digital payments across India have registered a growth of 24.13% in a year through September 2022.
The newly constituted RBI's Digital Payments Index (RBI-DPI) stood at 377.46 in September 2022 against 349.30 in March 2022 and 304.06 in September 2021.
The construction of RBI-DPI was announced in March 2018 by the central bank, as a base to capture the extent of digitisation of payments across the country. The index comprises five 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 (weights 25%), payment infrastructure demand-side factors (10%), payment infrastructure supply-side factors (15%), payment performance (45%), and consumer centricity (5%). The index is published on a semi-annual basis from March 2021 onwards with a lag of four months.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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