Summary:

According to the RBI's Digital Payments Index (RBI-DPI), digital payments in India grew by 12.6% year-on-year by March 31, 2024. The index rose to 445.5, from 418.77 in September 2023 and 395.57 in March 2023. The Reserve Bank of India stated that this rise reflects improved payment performance and infrastructure across the country.

In March 2018, the RBI established the composite Digital Payments Index (RBI-DPI) to track countrywide payment digitization. It considers five factors: payment enablers (25%), demand-side infrastructure (10%), supply-side infrastructure (15%), payment performance (45%), and consumer centricity (5%). The index has been published semi-annually since March 2021, with a four-month reporting lag.

Source: IBEF 

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