Digital payments up 30.2% in FY21

Digital payments have recorded a growth of 30.19 percent during the year ended March 2021, reflecting adoption and extending of cashless transactions in the country, RBI information showed. According to the recently constituted Digital Payments Index (RBI-DPI), the file rose to 270.59 toward the end of March 2021, up from 207.84 per year ago.

“The RBI-DPI record has demonstrated significant growth in the file addressing the quick adoption and deepening of digital payments the nation over as of late,” the RBI said.

The Reserve Bank had earlier announced construction of a composite Reserve Bank of India Digital Payments Index (RBI-DPI) with March 2018 as base to catch the degree of digitization of payments across the nation.

The RBI-DPI involves five broad parameters that enable measurement of deepening and penetration of digital payments in the country throughout various time-periods.

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