RBI’s Digital Payments Index shows an impressive growth
RBI's Digital Payments Index (RBI-DPI) stood at 395.57 at end-March, compared to 377.46 in September 2022, 349.30 in March 2022
Mumbai : RBI's Digital Payments Index (RBI-DPI) stood at 395.57 at end-March, compared to 377.46 in September 2022 and 349.30 in March 2022. This indicates a significant trend in online transactions, the RBI-DPI, which tracks the growth of online payments in India, reported a 13.24 per cent growth in the year ended March.
The increase in RBI's Digital Payments Index (RBI-DPI) highlights the remarkable surge in digital payment adoption in India, predominantly propelled by the success of UPI.
Talking to Bizz Buzz, Anand Kumar Bajaj, Founder, MD and CEO, Pay Nearby, says, “Our retailers have been actively assisting the last mile with their digital service needs and have been instrumental in propelling the acceptance and evolution of digital transactions in the country.”
With customers increasingly adopting digital payments, even for small-value transactions, the index underscores the need for form-factor agnostic accessibility to include the financially underserved within the formal financial system.
Emphasizing the significance of fintechs in promoting growth and financial inclusion through relevant products, the RBI-DPI insights provide valuable guidance in achieving financial inclusion targets expeditiously. The steady rise in the RBI-DPI index reflects the substantial progress in payment infrastructure and performance, cementing India's digital payment revolution.
Rahul Tandon, Chief Product Officer, Safexpay, said, “It reflects significant progress across all aspects, showcasing commendable growth in payment infrastructure and performance.”
This success results from cohesive efforts by stakeholders, including financial institutions, merchants, and customers, embracing the thriving digital payments ecosystem. Factors like expanding acceptance infrastructure, UPI, and QR code adoption, alongside enhanced accessibility, have made payment experiences seamless and convenient, he added.
The government's push for 'Digital India' has played a pivotal role, with UPI's dominance evident as it drives 75 per cent of total retail transactions. This surge in RBI-DPI confirms India's boundless potential, advancing financial inclusivity and progress through digital payments.
