The Reserve Bank of India’s (RBI) digital payments index (DPI) increased from 304.46 for September 2021 to 349.30 for March 2022, showing that the country is seeing an increase in digital payments, driven in part by unified payments interface (UPI). At the end of March 2021, the index was 270.59. Starting in March 2021, the central bank will provide RBI-DPI on a semi-annual basis with a 4 month lag.
About Digital Payment Index:
- To measure the degree of payment digitisation in the nation, the central bank created the composite Reserve Bank of India (RBI) – Digital Payments Index (RBI-DPI) using March 2018 as the base year.
- The central bank stated in a press release that “the RBI-DPI Index continues to reveal strong growth in acceptance and deepening of digital payments across the country.”
- Payment enablers, demand side elements of the payment infrastructure, supply side factors of the payment infrastructure, payment performance, and customer centricity are the five major categories that make up the RBI-DPI.