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India’s digital payments ecosystem continues its upward trajectory, with transactions rising 10.7% year-on-year by the end of March 2025, according to the Reserve Bank of India (RBI).
The data comes from the RBI-Digital Payments Index (RBI-DPI), a composite index the central bank has published semi-annually since January 2021 to track the pace and penetration of digital payments across the country. The index uses March 2018 as the base year (set at 100), as per a report by PTI.
As per the latest update, the RBI-DPI stood at 493.22 in March 2025, up from 465.33 in September 2024 and 445.5 in March 2024.
The rise was largely attributed to robust improvements in the payment infrastructure (particularly supply-side factors) and overall payment performance, the RBI noted in its statement.
The index measures digital payment adoption across five key parameters - payment Enablers (25%), payment infrastructure – Demand-side (10%), payment infrastructure – supply-side (15%), payment performance (45%), consumer centricity (5%).
This steady growth signals deeper digitisation and financial inclusion, underpinned by improved access, faster transactions, and rising consumer trust in online payments.