According to data from a Reserve Bank of India (RBI) index for the digitisation of payments, digital payments increased dramatically in FY23. According to the Reserve Bank of India’s Digital Payments Index (RBI-DPI), which was released on January 31, the index for March 2023 was 395.58 as opposed to 377.46 for September 2022, representing an increase of 13.24%.
Details on according to the RBI index, digital payments increased significantly in FY23 at 13.24%
“The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period,” the report stated.
The base index for March 2018 was 100, and it progressively increased from that point on.
In March 2022, the RBI-DPI was 349.30. In March 2021, it was 270.59, and in September 2021, it was 304.06.
To measure the degree of national payment digitisation, the RBI created the DPI as part of the sixth bi-monthly monetary policy statement for 2019–20.
The index has five major components: payment enablers, payment infrastructure-demand side variables, payment infrastructure-supply side factors, payment performance, and customer centricity. Each of these characteristics is made up of different quantifiable indications.
The RBI-DPI is released every six months with a four-month lag.
Unified Payments Interface (UPI) transactions are anticipated to exceed 1 billion per day by 2026–2027, according to a recent PwC India analysis. In India, UPI has been a major force behind the growth of digital payments, and from 2022 to 2023, it will account for almost 75% of all retail transaction volume.
