Digital Payment Index

July 29, 2023

The Reserve Bank of India’s Digital Payments Index (RBI-DPI), which measures the growth of online payments in India, showed a 13.24% growth in the year ending March 2023.
The RBI introduced the composite Digital Payments Index (RBI-DPI) in January 2021 with March 2018 as the base, to capture digitisation of payments.
The index has since been steadily rising, crossing the 300-point mark in September 2021.
It is published on a half-yearly basis.
The RBI-DPI comprises five parameters to measure the deepening and penetration of digital payments over different time periods. These include-
- Payment enablers – 25% weightage,
- Payment infrastructure – demand-side factors – 10% ,
- Payment infrastructure – supply-side factors– 15%,
- Payment performance – 45%,
- Consumer centricity – 5 %
As per the Economic Survey 2022-23, India has the highest fintech adoption rate of 87% among the public compared to the global average of 64 per cent.
Further, India has gained the third place in digital payments, coming only after US and China.