New Delhi: The digital payment transactions in the country have gone up to over Rs 18,000 crore last financial year. This registered an annual growth rate of 44 per cent. Minister of State for Finance, Pankaj Chaudhary said this in a written reply in the Lok Sabha.
The minister said that the Immediate Payment Service and National Electronic Toll Collection have shown remarkable growth, while Unified Payments Interface has been the major driving force of digital payment transactions in the country.
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The RBI’s Digital Payments Index (RBI-DPI) for September 2024 stands at 465.33 up from 445.5 for March 2024. The increase in the RBI-DPI index was driven by growth in payment infrastructure and payment performance across the country over the period. 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. The index comprises five broad parameters that enable the measurement of the deepening and penetration of digital payments in the country over different periods.
These parameters are Payment Enablers (weightage 25 per cent); Payment Infrastructure – Demand-side factors (10 per cent); Payment Infrastructure – Supply-side factors (15 per cent); Payment Performance (45 per cent); and Consumer Centricity (5 per cent).The index is published on a semi-annual basis from March 2021 onwards with a lag of four months.
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