DIGITAL PAYMENTS INDEX (DPI)
The Reserve Bank of India (RBI) has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country.
About Digital Payments Index
♦ The RBI-DPI has been constructed with March 2018 as the base period.
♦ The DPI in March 2019 and March 2020 reached 153.47 and 207.84, respectively, indicating considerable growth.
♦ RBI-DPI contains five main parameters: Payment Enablers, Payment Infrastructure – Demand-side factors and Supply-side factors, Payment Performance and Consumer Centricity.
♦ The RBI-DPI should be published on the RBI’s website every six months starting in March 2021 for 4 months.
Important Information of Digital Payments Index
The digital payments ecosystem is currently dominated by large technology players including Paytm, PhonePe, Google Pay, and recently launched WhatsApp Payments.
India’s UPI payments had shot up 82 per cent in the current fiscal year’s Q2 along with a 99 per cent jump in value from the year-ago period, according to the Worldline India Digital Payments report.
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