Digital payments rise 11.1% at Sept-end 2024: RBI data

Digital payments across the country registered an 11.11% year-on-year (YoY) rise as on September 2024, according to RBI's index that measures the adoption of online transactions.

RBI's Digital Payments Index (RBI-DPI) for September 2024 stands at 465.33 as against 445.5 for March 2024, the Reserve Bank said in a statement on Wednesday.

"The increase in RBI-DPI index was driven by growth in payment infrastructure and payment performance across the country over the period, it said.

The central bank had announced the construction of a composite RBI-DPI in March 2018 as a base to capture the extent of digitisation of payments across the country.

The index comprises five broad parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods.

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

The index is published on a semi-annual basis from March 2021 onwards with a lag of four months.