Reserve Bank: The trend of Digital Payments has started Increasing

The trend of digital payments is increasing in the country. Digital payments in the country have registered a growth of 30.2 percent in the 2020-21 financial year. After demonetization, it was seen in a video that when the woman sitting in the car told a man begging on the road that he was not on leave, he immediately took out the card swap machine and showed it.

This was the new form of digital payment in the country. In cities, even tea vendors have put up boards to make money through Paytm or other digital mediums. After the lockdown, the trend of digital payments has increased in the country. Most of the people of the city have now started transacting money digitally. This has been said in the data of the Reserve Bank.

The index of digital payments has reached 270

According to the data of the Reserve Bank of India, a growth of 30.19 percent was registered in digital payments in the financial year 2020-21, which reflects the increasing digital transactions in the country. According to the newly formed Digital Payments Index (RBI-DPI), the index rose to 270.59 at the end of March 2021, from 207.84 a year ago. “The RBI-DPI index has demonstrated significant growth in the index representing the growth in digital payments across the country in recent years,” the Reserve Bank said.

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Image Credit: Bharat Times

Index based on five criteria

The Reserve Bank had earlier announced the creation of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) to ascertain the extent of digital payments across the country. The basis for this was made in March 2018. The RBI-DPI comprises five broad parameters that enable it to measure the depth and penetration of digital payments in the country over different time periods. The parameters are – a system enabling online payments (weight 25 per cent); payment infrastructure – demand-side factor (10 percent); Payment infrastructure – supply-side factor (15 percent); paid performance (45 percent); and consumer centricity (5 percent).

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