The Reserve Bank of India (RBI) announced that its Digital Payments Index (DPI) rose to 465.33 as of September 2024, up from 445.5 in March 2024. This surge reflects the rapid adoption and expansion of digital payments across the country.
“The increase in the RBI-DPI index was driven by growth in payment infrastructure and performance across the country over the period,” the central bank stated in a release.
Digital Payment Growth
Launched in January 2021, the RBI Digital Payments Index measures the extent of digital payment adoption across India. The index uses March 2018 as the base period, with the DPI score for that month set at 100.
The five broad parameters track the growth and penetration of digital payments in India, forming the foundation of the DPI index. These parameters are:
- Payment Enablers (25% weightage)
- Demand-Side and Supply-Side Payment Infrastructure Factors (10% weightage each)
- Payment Performance (45% weightage)
- Consumer Centricity (5% weightage)
Each of these parameters contains sub-parameters, which, in turn, include various measurable indicators. In turn, these indicators help assess the overall progress of digital payment systems in the country.
A Step Forward In Digital Payment Adoption
The RBI’s ongoing tracking of the DPI index highlights the country’s significant strides in adopting digital payment solutions. As infrastructure and payment performance continue to improve, India is thus set to experience further growth in this sector.
Also Read: GCCs Propel Record Office Leasing In India; Lead With 36% Share In 2024
To read more such news, download Bharat Express news apps
