According to RBI’s index that measures the adoption of online transactions, digital payments across the country recorded a year-on-year (YoY) growth of 11.11% by September 2024.
The RBI’s Digital Payments Index (RBI-DPI) for September 2024 is 465.33, while it was 445.5 for March 2024, the Reserve Bank said in a statement on Wednesday.
The increase in the RBI-DPI index was driven by growth in payments infrastructure and payment performance across the country, it said.
The central bank had in March 2018 announced the creation of a composite RBI-DPI as a base to measure the extent of digitisation of payments across the country.
The index comprises five broad parameters that enable measurement of the depth and penetration of digital payments in the country over different periods.
These parameters are payment enablers (weightage 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 half-yearly basis with a lag of four months from March 2021.
+ There are no comments
Add yours