Digital Payments Saw Double-Digit Growth Year-On-Year, Says RBI

Mumbai: Digital payments across India recorded a double-digit jump of 11.1 per cent year-on-year (YoY) as on September 2024, according to the Reserve Bank of India's (RBI) index that measures the adoption of online transactions, according to a central bank statement.

The RBI's Digital Payments Index (RBI-DPI) for September 2024 stands at 465.33 up from 445.5 for March 2024.

The increase in the RBI-DPI index was driven by growth in payment infrastructure and payment performance across the country over the period, the RBI said.

The RBI has been publishing a composite RBI-DPI since January 1, 2021 with March 2018 as the base to capture the extent of digitisation of payments across the country. The index is published on a semi-annual basis.

The index comprises five parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods.

These parameters are Payment Enablers (weightage 25 per cent); Payment Infrastructure - Demand-side factors (10 per cent); Payment Infrastructure - Supply-side factors (15 per cent); Payment Performance (45 per cent); and Consumer Centricity (5 per cent).