Surge in Digital Payments: RBI-DPI Index Reaches New Heights

The Reserve Bank of India's Digital Payments Index indicates an 11.11% rise in digital transactions across the country as of September 2024. The RBI-DPI, measuring 465.33, reflects growth driven by improved payment infrastructure and performance. This index, launched in 2018, comprises five key parameters of digital payment adoption.

India's digital payment ecosystem is witnessing significant growth, with the Reserve Bank of India (RBI) reporting an 11.11% year-on-year increase in transactions as of September 2024. The RBI's Digital Payments Index (RBI-DPI) now stands at 465.33, up from 445.5 in March 2024, according to a statement released on Wednesday.

This rise is attributed to enhancements in payment infrastructure and performance across the nation, reflecting a robust increase in the adoption of online transactions. The central bank developed the RBI-DPI in March 2018 to monitor the expansion of digital payments in the country.

The index, updated semiannually since March 2021, evaluates five critical components: Payment Enablers, Payment Infrastructure on both demand and supply sides, Payment Performance, and Consumer Centricity. With its latest figures, the RBI-DPI continues to depict a positive trajectory in India's transition towards a digital economy.

(With inputs from agencies.)