Money & Banking

RBI’s digital index shows online payment is on the rise

Our Bureau Mumbai | Updated on July 29, 2021

Covid-19 pandemic fuels sharp growth in recent years

The Reserve Bank of India–Digital Payments Index for March 2021 rose to 270.59 as against 207.84 for March 2020.

“The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digital payments across the country in recent years,” the RBI said on Wednesday. The index stood at 217.74 for September 2020.

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The composite RBI-DPI with March 2018 as base aims to capture the extent of digitisation of payments across the country. The index was launched on January 1 this year.

It comprises of five broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods.

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These parameters are payment enablers, payment infrastructure – demand side factors, payment infrastructure – supply-side factors, payment performance and consumer centricity.

Digital payments have seen a sharp growth in recent years, particularly since the Covid-19 pandemic that led to social distancing and work from home.

Published on July 28, 2021

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