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Digital payments see a rise of 40% in Sept 2021

The RBI has announced Digital Payments Index for September 2021, which stands at 304.06 as against 270.59 for March 2021 and 217.74 in September 2020.

The RBI had announced the construction of a composite RBI-DPI on Jan 1, 2021, with March 2018 as a base to capture the extent of digitization of payments across the country.

The RBI-DPI comprises five broad parameters that enable the measurement of deepening and penetration of digital payments in the country over different time periods. These parameters are: payment enablers (weight 25%), payment infrastructure – demand-side factors (10%), payment infrastructure – supply-side factors (15%), payment performance (45%) and consumer centricity (5%).

Each of these parameters has sub-parameters which, in turn, consist of various measurable indicators. The major sub-parameters under each parameter are available here. The RBI-DPI has been constructed with March 2018 as the base period. The DPI for March 2019 and March 2020 work out to 153.47 and 207.84 respectively, indicating appreciable growth.

Going forward, RBI-DPI shall be published on RBI’s website on a semi-annual basis from March 2021 onwards with a lag of four months.

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