Digital payments rise 13% y-o-y at March-end 2023: RBI data

Digital payments across the country registered a growth of 13.24 per cent in a year through March 2023, as per RBI's index that measures the adoption of online transactions.

RBI's Digital Payments Index (RBI-DPI) stood at 395.57 at end-March 2023 compared to 377.46 in September 2022 and 349.30 in March 2022.

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"The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period," Reserve Bank of India (RBI) said in a statement on Thursday.

The central bank had announced the construction of a composite RBI-DPI in March 2018 as a base to capture the extent of digitisation of payments across the country.

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 per cent); Payment Infrastructure – Demand-side factors (10 per cent); Payment Infrastructure – Supply-side factors (15 per cent); Payment Performance (45 per cent); and Consumer Centricity (5 per cent).

The index is published on a semi-annual basis from March 2021 onwards with a lag of four months.