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Digital payments across the country registered a growth of 10.94% in a year through March 2023, according to the Reserve Bank of India’s (RBI) index that measures the adoption of online transactions.

RBI’s Digital Payments Index (RBI-DPI) stood at 418.77 at end-September 2023 compared to 377.46 in September 2022 and 395.57 in March 2023.

“The RBI-DPI index has increased across all parameters and was driven particularly by growth in payment enablers, payment performance and consumer centricity across the country over the period,” the RBI said in a statement.

The central bank had announced the construction of a composite RBI-DPI in March 2018 as a base to capture the extent of digitisation of payments across the country.

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The index comprises five broad parameters that enable the measurement of the depth and penetration of digital payments in the country over different periods.

These parameters are Payment Enablers (weight 25%), Payment Infrastructure Demand-side Factors (10%), Payment Infrastructure Supply-side Factors (15%); Payment Performance (45%); and Consumer Centricity (5%).

The index is published on a semi-annual basis beginning from March 2021 with a lag of four months.