India's Digital Payments Surge: RBI Index Up by 12.6%

The RBI's Digital Payments Index showed a 12.6% rise in digital payments across India as of March 31, 2024. The index, which tracks online transaction adoption, increased to 445.5 from 418.77 in September 2023 and 395.57 in March 2023. The Index measures five parameters: Payment Enablers, Demand-side Payment Infrastructure, Supply-side Payment Infrastructure, Payment Performance, and Consumer Centricity.

India's digital payments ecosystem has experienced substantial growth, with the RBI's Digital Payments Index (RBI-DPI) indicating a 12.6% increase in online transactions as of March 31, 2024.

The RBI-DPI reached a score of 445.5, up from 418.77 in September 2023 and 395.57 in March 2023. The Reserve Bank of India announced this in a statement on Friday.

The RBI-DPI evaluates five key parameters to measure the digital payment landscape: Payment Enablers, Demand-side Payment Infrastructure, Supply-side Payment Infrastructure, Payment Performance, and Consumer Centricity. The index is updated semi-annually since its inception in March 2018, with new data released four months post-period end.

(With inputs from agencies.)