Onkar MehraDigital payments grow 30.2% in FY21: RBI Data
According to the data released by the Reserve Bank of India (RBI), digital payments in India grew by 30.19% in the financial year 2020-21.
This increase in cashless transactions depicts the rise in the number of Indians adopting online payment methods to make their payments.
The RBI-Digital Payment Index (RBI-DPI) stood at 270.59 at the end of FY 2020-21 significantly higher than the previous year's index which stood at 207.84.
"The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digital payments across the country in recent years," the RBI said.
