Digital Payment continues to grow, RBI Data- 12 percent increase till March 2024

The number of digital payments is continuously increasing. The Reserve Bank of India (RBI) has shared data regarding this. According to the RBI Index, by March 31, 2024, digital payments have increased by 12.6 percent across the country.

RBI's Digital Payment Index (RBI-DPI) stood at 445.5 at the end of March 2024, as against 418.77 in September 2023 and 395.57 in March 2023.

The Reserve Bank of India (RBI) said in its statement that during the period ending March 2024, the number of digital payments has increased due to the growth in payment performance and payment infrastructure across the country. This increase has taken place in all parameters.

The central bank announced the creation of a composite RBI-DPI in March 2018 as a basis to capture the extent of digitalization of payments across the country. This index consists of five broad parameters. These parameters enable measuring the depth and penetration of digital payments in the country over different periods.

These parameters are Payment Enablers (weightage 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).

From March 2021, the index data is published on a half-yearly basis with a lag of four months.