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- After Covid struck the country in March 2020, the government and the Reserve Bank of India (RBI) unveiled a slew of initiatives to enhance digital payments.
The Digital Payment Index was just announced by the Reserve Bank of India. Digital payments in the country surged by 40% in September 2021 compared to March 2021, according to the index.
The most important findings
In September 2021, the index of online transactions was 304.06. In March 2021, it was 270.59. The online transaction measure was 217.74 in September 2020. The index is published twice a year, in March and September.
The RBI Digital Payment Index's base year is 2018. This means that the index's score for the month of March was set to 100. Within three years, the index value has climbed by 2.7 times.
Five parameters are used to create the index. Payment enablers (25%) are followed by consumer centricity (5%), payment performance (45%), supply side factors (15%), and demand side variables (15%). (10 percent ). The index is produced every other year. In March of 2021, it was initially released.
The number of payments made using digital means has increased by 39.64 percent. In the second quarter, the Unified Payment Interface grew by 82 percent. Around 19 banks joined the UPI system in the second quarter. In the second quarter, the number of Point of Sale terminals climbed by 13% over the previous quarter.
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