Digital payments record 29% annual growth at March-end 2022: RBI data
- IBEF
- July 28, 2022
The Reserve Bank of India's (RBI) digital payments index (DPI) increased to 349.30 in March 2022, up from 304.06 in September 2021, demonstrating the country's increasing adoption of digital payments. The DPI index, was launched in January 2021, measures the level of payment digitization across the country.
The index was 153.47 in March 2019, and by September 2019 it had risen to 173.49, followed by 207.94 in March 2020, 217.74 in September 2020, and 270.59 in March 2021. The index will be issued semi-annually with a four-month lag, according to the RBI. Among digital payment channels, the volume of transactions utilising Real Time Gross Settlement (RTGS) grew by 30.5% between 2021 and 2022. In terms of value, RTGS transactions increased by 21.8%, and transactions through the National Electronic Funds Transfer (NEFT) system increased by 30.6% and 14.3% in volume and value, respectively, reflecting an increase in large value corporate transactions in line with rising economic activity, according to the RBI's annual report.
Payment transactions made using credit cards climbed by 27% in terms of volume and 54.3% in terms of value, while debit card transactions declined by 1.9% in terms of volume but increased by 10.4% in terms of value.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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