Digital payments record 40 pc annual growth at Sep-end 2021: RBI data

Mumbai: Digital payments across the country registered a growth of nearly 40 percent in a year through September 2021, as per the RBI’s latest index that measures the adoption of online transactions.

The newly constituted RBI’s digital payment index (RBI-DPI) stood at 304.06 during September 2021 as against 270.59 in March 2021 and 217.74 in September 2020.

“The RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country,” the RBI said in a statement on Wednesday.

The Reserve Bank had announced the construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as a base to capture the extent of digitization of payments across the country.

The RBI-DPI comprises 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different periods.

These parameters are Payment Enablers (weight 25 percent); Payment Infrastructure – Demand-side factors (10 percent); Payment Infrastructure – Supply-side factors (15 percent); Payment Performance (45 percent); and Consumer Centricity (5 percent).

The index is published on a semi-annual basis from March 2021 onwards with a lag of 4 months.