July 28, 2023: Digital payments across India grew by 13.24% year-over-year (YoY) in the financial year 2022-23 (FY23) that ended March 2023, shows the RBI’s Digital Payments Index (DPI). This index by the RBI measures the adoption of digital payment methods around the country. The RBI-DPI stood at 395.57 at the end of March 2023, compared to 377.46 at the end of September 2021 and 349.30 at the end of March 2022.
The RBI-DPI is published on a semi-annual basis with a lag of four months. The index comprises five broad parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods. These parameters are payment enablers (weight 25%), payment infrastructure demand-side factors (10%), payment infrastructure supply-side factors (15%), payment performance (45%), and consumer centricity (5%).
“The RBI-DPI has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period”, said the RBI in a statement on July 27, 2023.
The RBI-DPI for March 2018, which was the base year, stood at 100, which increased to 152.47 in March 2019. In September 2019 and March 2020, the index surged to 173.49 and 207.84, respectively. Further, the index was recorded at 217.74 and 270.59 in September 2020 and March 2021, respectively.
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