There has been a significant growth in adoption as well as deepening of digital payments across the country, according to Reserve Bank of India - Digital Payments Index (RBI-DPI) data.
The index reading for September 2021 rose to 304.06 (index value) from 270.59 in March 2021.
Starting from March 2018, the index stood at 153.47 in March 2019, 173.49 in September 2019, which improved to 207.84 in March 2020, 217.74 in September 2020 and increased to 270.59 in March 2021.
The RBI-DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods. These parameters are Payment Enablers (weight 25%), Payment Infrastructure – Demand-side factors (10%), Payment Infrastructure – Supply-side factors (15%), Payment Performance (45%) and (v) Consumer Centricity (5%).
Each of these parameters have sub-parameters which, in turn, consist of various measurable indicators.
(With inputs from IANS)
