Digital payments record 29% annual growth at March-end 2022: RBI data

The newly constituted RBI's digital payment index (RBI-DPI) stood at 349.3 in March 2022 as against 304.06 in September 2021 and 270.59 in March 2021

The Reserve Bank of India’s (RBI) digital payments index (DPI) rose to 349.30 as of March 2022, as against 304.06 in September 2021, thus reflecting the rapid adoption of digital payments in the country.

Launched in January 2021, the DPI index indicates the extent of digitisation of payments across the country.

“The RBI-DPI index has demonstrated significant growth representing the rapid adoption and deepening of digital payments across the country in recent years," the central bank said in a statement.

The RBI-DPI has been constructed with March 2018 as the base period, i.e. DPI score for March 2018 is set