Retail digital payments in India have surged from 162 crore transactions in the financial year 2012-13 to more than 16,416 crore transactions in the financial year 2023-24, marking an increase of nearly 100 times over the span of 12 years, as reported by the RBI.
The significant advancement in payment infrastructure and its efficiency is evident in the Digital Payment Index released by the RBI.
This index has experienced an increase of over four times in the past six years, reaching 445.50 in March 2024, compared to a base value of 100 in March 2018, as detailed in the Central Bank’s Payment Systems Report.
