The Reserve Bank of India’s Digital Payments Index (RBI-DPI) surged to 418.77 in September 2023, showcasing a robust growth trajectory from 395.57 in March 2023 and 377.46 in September 2022. This remarkable uptick aligns with a 10.94% annual rise in digital payments by the end of March 2023, underscoring the increasing adoption of online transactions.
Payment Enablers Boost: The index’s ascent is attributed to significant advancements in payment enablers, highlighting the pivotal role played by facilitating mechanisms in the digital payment ecosystem.
Dynamic Payment Infrastructure: Both demand-side and supply-side factors of payment infrastructure contributed positively, with a combined weightage of 25%, showcasing a robust ecosystem supporting digital transactions.
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