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Digital payments rise 11% on year in September 2024: RBI data

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DPI, introduced in March 2018, tracks the extent of digital payment adoption, using March 2018 as the base year set at 100.
Digital payments in India saw an 11% year-on-year increase in September 2024, according to data released by the Reserve Bank of India (RBI). The total value of digital transactions reached Rs 20 lakh crore, up from Rs 18 lakh crore in September of the previous year. This growth was driven by a significant rise in the use of mobile banking, UPI (Unified Payments Interface), and other electronic payment methods. The number of transactions also increased, with over 13 billion transactions recorded, highlighting the continued shift towards a cashless economy in the country. The RBI's data underscores the effectiveness of government initiatives and the increasing consumer preference for digital payment solutions.

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