Mumbai, Maharashtra [India] July 29 : In a clear signal of India's accelerating digital payments revolution, the Reserve Bank of India (RBI) on Monday announced that its Digital Payments Index (RBI-DPI) surged to 493.22 in March 2025, up from 465.33 recorded in September 2024.
The RBI-DPI was introduced in January 2021, with March 2018 as the base period set at 100, and is designed to track the extent of digitisation of payments in the country. The consistent upward trajectory of the index underlines India's rapid strides in adopting digital payment systems, both in urban and rural India.
According to the RBI, the latest increase has been primarily driven by strong improvements in Payment Infrastructure - Supply-side factors and Payment Performance. These include an expanded merchant acceptance network, QR code-based payments, growth in Unified Payments Interface (UPI) transactions, and enhanced availability of digital banking services across the country.
The upward momentum is reflective of a broader transformation underway in the country's payment ecosystem, aided by government initiatives such as Digital India, increasing smartphone penetration, and proactive fintech innovation.
The RBI-DPI has demonstrated a steady climb since its inception.
In March 2019, it stood at 153.47, rising further to 207.84 by March 2020. By March 2022, the index had reached 349.30, indicating a threefold increase from the base year within a span of less than five years.
In March 2024, it was recorded at 445.50, rising further to 465.33 by September 2024. The current level of RBI-DPI at 493.22 in March 2025 reflects over fourfold increase in digital payment activity since it was introduced in 2018.
As India inches closer to becoming a digital economy, the RBI-DPI is expected to play a critical role in policy formulation and benchmarking progress. The latest surge comes as a positive sign amid global concerns about digital inequality and access to financial services.
With an RBI-DPI of 493.22, India not only consolidates its digital credentials but also sets the stage for the next wave of innovation in the financial technology space.
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