India’s Digital Payments Grow 10.7%, RBI Index Hits 493.22 in March 2025

Digital payments in India continue to grow at a steady pace, with the Reserve Bank of India’s (RBI) Digital Payments Index (RBI-DPI) registering a 10.7% year-on-year increase as of March 2025. The index, which measures the adoption and penetration of online transactions nationwide, reached a level of 493.22, up from 445.5 in March 2024 and 465.33 in September 2024.

The Reserve Bank has been publishing the semi-annual index since January 1, 2021, using March 2018 as the base year (set at 100) to track the digitisation of payment systems across India.

According to an official RBI statement, the latest rise in the index was primarily driven by robust growth in two key areas: the supply-side expansion of payment infrastructure and overall payment performance across the country.

Five Pillars of Digital Payment Growth

The RBI-DPI is a composite index that evaluates the depth and reach of digital payment adoption based on five weighted parameters:

Payment Enablers (25%)

Payment Infrastructure – Demand-side factors (10%)

Payment Infrastructure – Supply-side factors (15%)

Payment Performance (45%)

Consumer Centricity (5%)

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