Reserve Bank of India’s Digital Payments Index, a measure of the extent of digitisation of payments across the country, rose to 377.46 in September 2022 from 349.30 in March.
“The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period,” the central bank said in a release.
RBI introduced the composite Digital Payments Index (RBI-DPI) on January 1, 2021 with March 2018 as the base, to capture digitisation of payments.
As per the Economic Survey 2022-23 released on Tuesday, India has the highest fintech adoption rate of 87 per cent among the public compared to the global average of 64 per cent. Further, India has gained the third place in digital payments, coming only after US and China.
Finance Minister Nirmala Sitharaman had recently said that total digital payments transactions grew 59 per cent y-o-y to ₹8,840 crore in FY22, of which the Unified Payment Interface (UPI) platform accounted for 52 per cent.
The Economic Survey said UPI transactions, have on average, grown 121 per cent in terms of value and 115 per cent in terms of volume between FY19 and FY22. UPI transactions touched a record high of 783 crore transactions in December 2022 worth ₹12.8 lakh crore.