Reserve Bank of India Creates Digital Payments Index

Reserve Bank of India Creates Digital Payments Index

February 13, 2020

The Reserve Bank of India said this month it will release a Digital Payments Index to measure the impact and reach of digital payments in the country.

The DPI is part of a larger effort between RBI and the government to facilitate adoption of cashless payment systems like digital wallets, internet banking, credit and debit cards. The index will help RBI understand the impact and spread of digital payments in rural, urban, and semi-urban areas, as well as understand the impact of RBI policy decisions.

“The DPI would be based on multiple parameters and shall reflect accurately the penetration and deepening of various digital payment modes. The DPI will be made available from July 2020 onwards," the Reserve Bank said a statement.

The Indian government also recently eliminated the merchant discount rate (MDR) on Unified Payments Interface (UPI) transactions. MDR is the fees paid by a merchant to a bank for accepting payment from their customers via cards or UPI. It is also applicable for online transactions and QR-based transactions.

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