Digital payment increases by 11% in the year in September 2024: RBI Data – CNBC TV18

India’s digital payment sector continues to grow, with the Reserve Bank of India (RBI) Digital Payments Index (RBI-DPI), there has been an increase of 11.11% year-on-year by September 2024.

The RBI-DPI for September 2024 stood at 465.33 from 445.5 in March 2024, as declared by the Central Bank.

An increase in the RBI-DPI index shows progress in payments and overall payment performances across the country. The RBI-DPI introduced in March 2018 tracks the limit of adopting digital payments, using March 2018 as a fixed base year at 100.

Since its inception, the index has shown continuous progress, with a remarkable year-on-year growth. From the initial point of 100 in March 2018, the index reached 153.47 in March 2019 and 173.49 in September 2019. By March 2020, it had increased by 207.84, and by September 2020, it was at 217.74.

As India continued its digital change, the index reached 270.59 in March 2021, then climbed by 304.06 by September 2021.

The following year, it saw jump at 349.30 in March 2022 and 377.46 in September 2022.

The index continued to projection upwards, reached 395.57 in March 2023 and 418.77 in September 2023.

The index is based on five comprehensive parameters: Payment Enabler (25%), Payment Infrastructure-Mang-Factor (10%), Payment Infrastructure-Appuate-Lakshya Factors (15%), Payment Performance (45%), and Consumer Concentration (5%). These components help measure the intensive and entry of digital payments across India. The RBI has been publishing the index half-yearly since March 2021 with a delay of four months.