Close this search box.

We are creating some awesome events for you. Kindly bear with us.

India’s Digital Payment Index Records 30% Growth During 2020-21

The Reserve Bank of India’s (RBI) newly constructed digital payment index (RBI-DPI) recorded a 30.2% growth in 2020-21. The index rose to 270.59 at the end of March 2021, up from 207.84 a year ago. The data represents the rapid adoption and deepening of digital payments across the country. The rise could be attributed to the COVID-19 pandemic, as consumers were encouraged to use contactless payment methods.

RBI announced the construction of a composite index in 2018 to capture the extent of digitisation of payments across the country. According to a news report, the RBI-DPI comprises five broad parameters that can measure the penetration of digital payments in the country over different time periods. The parameters are payment enablers (weight 25%); payment infrastructure-demand-side (10%); payment infrastructure-supply side (15%); payment performance (45%); and consumer centricity (5%). The base year has been taken as March 2018 and the index is expected to be published on a semi-annual basis with a lag of four months.

These parameters have sub-parameters that consist of measurable indicators of digitisation penetration in the country. Payment enablers such as bank accounts, Aadhaar, mobile, and the Internet, among others constitute 25% of the overall index. The digital payments index is also a measure of calculating the growth of the country’s cashless economy for the government. Earlier this year, the RBI stated that the DPI for March 2019 and March 2020 work out to 153.47 and 207.84 respectively, indicating an appreciable growth.

Earlier, RBI Deputy Governor, T Rabi Sankar, announced that the central bank plans to introduce its own version of central bank digital currency (CBDC) in phases. RBI will first weigh its impact on various issues, including how it could hamper the deposit mobilisation abilities of banks, and its potential effect on the conduct of the monetary policy. As per a news report, conducting pilots in wholesale and retail segments may soon be a possibility. RBI is currently working towards a phased implementation strategy and examining use cases that could be implemented with little or no disruption.

RBI will evaluate the scope of CBDCs and will explore whether the underlying technology should be a distributed ledger or a centralised ledger, or whether it should vary based on use cases. Apart from this, RBI is also exploring other modalities such as token-based or account-based validation mechanisms and distribution architecture (direct issuance by the RBI or through banks).

During 2020, the country processed 25.5 billion real-time payments transactions, followed by 15.7 billion in China, 6 billion in South Korea, 5.2 billion in Thailand, and 2.8 billion in the UK. By 2025, digital payments in India could account for 71.7% of the total payments volume, leaving cash and cheques at 28.3%. Last year, the transaction volume share in the country stood at 15.6% and 22.9% for instant payments and other electronic payments, respectively. Paper-based payments had a considerable share of 61.4%. More than 70.3 billion real-time payment transactions were processed globally last year, a surge of 41% compared to the previous year, as the COVID-19 pandemic dramatically accelerated trends away from cash and cheques towards greater reliance on real-time and digital payments.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.