India’s digital payments sector continues to show strong momentum, with transactions growing by 10.7% year-on-year as of March 2025, according to the Reserve Bank of India (RBI). The growth is tracked through the RBI-Digital Payments Index (RBI-DPI), which reached 493.22 in March 2025—up from 465.33 in September 2024 and 445.5 in March 2024.
Introduced in January 2021, the RBI-DPI is a semi-annual composite index using March 2018 as the base year (set at 100). It evaluates the progress of digital payment adoption across five weighted parameters: payment enablers (25%), demand-side infrastructure (10%), supply-side infrastructure (15%), payment performance (45%), and consumer centricity (5%).
The rise in the latest index was largely driven by enhancements in supply-side payment infrastructure and overall transaction performance. This reflects a broader trend of deepening digitisation, increased financial inclusion, and growing consumer trust in online transactions.
