Home / Industry / Banking /  Digital Payments see 40% jump in Sept 2021: RBI index

MUMBAI : Digital payment transactions reported a 40% year on year jump as of September 2021, as per the RBI’s latest index that measures the extent of digitization of payments.  

The newly constituted RBI’s digital payment index (RBI-DPI) stood at 304.06 during September 2021 as against 270.59 in March 2021 and 217.74 in September 2020.  

“The RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country," RBI said in a press release on Wednesday. 

RBI had announced the construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. 

The RBI-DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods.  

These parameters are - Payment Enablers (weight 25%),  Payment Infrastructure – Demand-side factors (10%), Payment Infrastructure – Supply-side factors (15%),  Payment Performance (45%) and Consumer Centricity (5%).  

The index is published on a semi-annual basis from March 2021 onwards with a lag of 4 months. 

ABOUT THE AUTHOR

Gopika Gopakumar

Gopika Gopakumar has worked for over 15 years as a banking journalist across print and television media. Her expertise lies in breaking big corporate stories and producing news based TV shows. She was part of the 2013 IMF Journalism Fellowship Program where she covered the Annual & Spring meetings of the International Monetary Fund in Washington D.C. She started her career with CNBC-TV18, where she also produced a news feature show called Indianomics and an award winning show on business stories from South India called Up South. She joined Mint in 2016.
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