Digital Payments grew 30.19% during the Financial Year ended March 2021: RBI

July 29, 2021

RBI data has showed that digital payments in India have recorded a growth of 30.19% during the financial year which ended on March 2021,

Highlights

The newly constituted Digital Payments Index (RBI-DPI) in its report said that at the end of March 2021, the index rose to 270.59 from 207.84 the previous year.
The RBI-DPI index has shown the significant growth in its index represents the rapid deepening and adoption of digital payments across India in the recent few years.

About Digital Payments Index (RBI-DPI)

The Reserve Bank announced the construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) to look into digital payments data of the country. March 2018 was selected as the base year to capture the digitalisation data.

Parameters of RBI-DPI

The RBI-DPI comprises of five parameters that enables the measurement of penetration and deepening of digital payments across the country.

These parameters are:

Payment Enablers (25%)
Payment Infrastructure – Demand-side factors (10%)
Payment Infrastructure – Supply-side factors (15%)
Payment Performance (45%)
Consumer Centricity (5%).

Conclusion

RBI has announced that this index will be published on a semi-annual basis starting from the month of March 2021 and will be published after a time gap of four months. This report shows that the country is going towards a digital and cashless economy.

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