Digital Payment Index : RBI
As per Reserve Bank of India’s Digital Payments Index (RBI-DPI) , Digital payments across the country registered a growth of 13.24% in a year through March 2023.
- Digital Payment Index has been constructed by the RBI to measure the extent of digitisation of payments across the country.
- It is based on multiple parameters and reflects the expansion of various digital payment modes accurately.
- It is a first-of-its kind index to measure the spread of digital payments across the country.
- It contains five broad parameters that measure the deepening and penetration of digital payments in the country over different time periods.
- Payment Enablers with a weight of 25% (Internet, mobile, Aadhaar, bank accounts, participants, merchants)
- Payment Infrastructure – Demand-side factors weight 10% (Debit and credit cards, PPIs, Customers registered in mobile and internet banking, FASTags),
- Payment Infrastructure – Supply-side factors weight 15% (Bank branches, BCs, ATMs, PoS Terminals, QR Codes, Intermediaries),
- Payment Performance – weight 45% (Digital payment volumes, value, unique users, paper clearing, currency in circulation, cash withdrawals) and
- Consumer Centricity weight – 5% (awareness and education, declines, complaints, frauds, system downtime).
- The base period of the index is March 2018.
- The index has been published on a semi-annual basis from March 2021 onwards with a lag of 4 months.
