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Digital payments register 29% annual growth at March-end 2022, RBI data reveals

The RBI's most recent index, which gauges the use of online transactions, digital showed payments nationwide increased by over 29% in a year through March 2022.

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New Delhi: The RBI’s most recent index, which gauges the use of online transactions,  showed digital payments nationwide increased by over 29% in a year through March 2022.

The newly created RBI’s digital payment index (RBI-DPI), which was 304.06 in September 2021 and 270.59 percent in March 2021, was 349.3 in March 2022.

“The RBI-DPI index has demonstrated significant growth, representing the rapid adoption and deepening of digital payments across the country in recent years,” the RBI said in a statement on Wednesday.

In order to measure the degree of payment digitisation across the nation, the Reserve Bank of India had announced the creation of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) in March 2018.

The RBI-DPI consists of 5 main characteristics that make it possible to measure the depth and penetration of digital payments over time in the nation.

Payment Enablers (weighted at 25%), Payment Infrastructure – Demand-Side Factors (10%), Payment Infrastructure – Supply-Side Factors (15%), Payment Performance (weighted at 45%), and Consumer Centricity are these metrics (5 per cent).

Starting in March 2021, the index will be released every six months with a four-month lag.

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