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According to figures released by the RBI, digital payments grew by 30.19 per cent in the fiscal year that ended in March 2021.

This obviously demonstrates the country's citizens' rising acceptance of digital payments.

India, with 25.5 billion real-time payments transactions in 2020, was ahead of China, with 15.7 billion real-time payments transactions, as we previously reported.

Continue reading to learn all of the information provided by the RBI!

In the previous year, digital payments grew by 30.19 per cent.

According to Reserve Bank of India data, digital payments grew by 30.19 per cent in the fiscal year that ended in March 2021.

Due to the epidemic, many consumer and business behaviour shifts have occurred, and all institutions in the payment ecosystem, including banks, merchants, and intermediaries, are fast responding and prioritising the shift to digital over all other considerations.

According to the Digital Payments Index (RBI-DPI), which was recently created, the index grew to 270.59 at the end of March 2021, up from 207.84 a year before.

The RBI stated, “The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digital payments across the country in recent years.” 

Reserve Bank of India – Digital Payments Index (RBI-DPI) parameters

The Reserve Bank of India had previously announced the creation of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) using March 2018 as the starting point. This will aid in documenting the extent to which payments have been digitised across the country.

Payment Enablers (weight 25%); Payment Infrastructure – Demand-side factors (10%); Payment Infrastructure – Supply-side factors (15%); Payment Performance (45%); and Consumer Centricity (45%) are the five primary parameters included in the RBI-DPI (5 per cent).

These would allow for the tracking of the deepening and penetration of digital payments in India over time. The index will be released semi-annually from March 2021 onwards, according to a notice issued by the RBI in January. However, there will be a four-month delay.

(Source: Trak)