Digital Payments Grew Significantly In FY23: RBI Index The RBI-DPI figures for March 2022 showcased a robust 349.30, which further climbed from 270.59 in March 2021 and 304.06 in September 2021
By Teena Jose
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The Reserve Bank of India – Digital Payments Index (RBI-DPI) has shown that digital payments grew significantly in FY23. It further showed that the index for March 2023 stood at 395.58 as against 377.46 for September 2022, which was announced on January 31 -- a growth of 13.24%
In a recent statement, the RBI expressed its elation over the tremendous growth, attributing it to the rapid expansion of payment infrastructure and enhanced payment performance across the nation. This all-encompassing surge has been nothing short of extraordinary
The base index for March 2018 was 100, which continued to continuously increase from thereon. The RBI-DPI figures for March 2022 showcased a robust 349.30, which further climbed from 270.59 in March 2021 and 304.06 in September 2021.
The index, designed meticulously by the RBI, encompasses five comprehensive parameters, namely payment enablers, payment infrastructure (demand side factors), payment infrastructure (supply side factors), payment performance, and consumer centricity, each comprising a multitude of measurable indicators.
RBI-DPI is published on a semi-annual basis with a lag of four months.
Meanwhile, a recent PwC India report stated that Unified Payments Interface (UPI) transactions are expected to reach 1 billion transactions per day by 2026-27. UPI has been instrumental in driving digital payments in India, and accounts for approximately 75% of the total transaction volume in the retail segment during the period of 2022-23.
