Source: ET
Context: According to RBI data, digital payments in India saw a year-on-year growth of over 13% at the end of March 2023.
- The RBI’s Digital Payments Index (RBI-DPI) reached about 395 compared to 377 in September 2022.
Reason for the increase:
- The increase in the index was attributed to substantial growth in payment infrastructure and performance across the country.
About DPI:
The DPI (Digital Payments Index) assesses the level of digitalization in payments nationwide and showcases the growth of different digital payment methods. It is released semi-annually and consists of five main parameters with varying weights:
- Payment Enablers (weight 25%)
- Payment Infrastructure – Demand-side factors (10%)
- Payment Infrastructure – Supply-side factors (15%)
- Payment Performance (45%)
- Consumer Centricity (5%)
