RBI: Digital payments rise 13% YoY at March-end 2023

RBI: Digital payments rise 13% YoY at March-end 2023: According to the RBI’s index measuring the adoption of online transactions, digital payments in the country witnessed a year-on-year growth of 13.24% until March 2023. 

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The RBI’s Digital Payments Index (RBI-DPI) showed a rise from 377.46 in September 2022 and 349.30 in March 2022 to 395.57 by the end of March 2023.

“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,” Reserve Bank of India (RBI) said in a statement on Thursday. The increase in the RBI-DPI index across all parameters indicates substantial growth in payment infrastructure.