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India's Digital Payments Index Soars Past 500, UPI Leads Global Charge

The Reserve Bank of India's Digital Payments Index has risen sharply to 516.76 as of September 2025, indicating rapid digitization of payments across the country. The growth is primarily driven by significant improvements in payment performance and enabling infrastructure. The Unified Payments Interface (UPI) has been a major catalyst, with the IMF recognizing it as the world's largest retail fast-payment system by volume. Global reports confirm UPI's dominance, holding a 49% share of the real-time payments market, far ahead of Brazil, Thailand, and China.

Key Points: RBI Digital Payments Index Hits Record High, UPI Tops World

  • RBI index hits 516.76
  • UPI drives digital payment growth
  • IMF recognizes UPI as world's largest
  • Index tracks five key parameters
2 min read

RBI index shows sharp rise in digital payments across India

RBI's Digital Payments Index surges to 516.76, driven by UPI's dominance as the world's largest retail fast-payment system per IMF.

RBI index shows sharp rise in digital payments across India
"UPI tops the global list with a 49 per cent share in the global real-time payment system - ACI Worldwide Report"

Mumbai, Feb 12

The Reserve Bank of India's Digital Payments Index rose to 516.76, as of September 2025, up from 493.22 in March 2025, according to an RBI statement issued on Thursday.

The increase in the RBI-DPI was driven by significant growth in parameters such as payment performance and payment enablers across the country over the period, the apex bank said.

The RBI has been publishing a composite RBI-DPI since January 1, 2021, with March 2018 as the base to capture the extent of digitisation of payments across the country.

The March 2018 base period was assigned a score of 100. The index rose to 153.47 after a year in March 2019. The index has been published every six months since 2021 and has been showing a rapid rise over the years. The increase in RBI-DPI index was driven by significant growth in parameters, viz. Payment Performance and Payment Enablers across the country over the period. The last index was announced on July 28, 2025.

The DPI comprises five broad parameters that measure the deepening and penetration of digital payments in the country over time.

These parameters include: payment enablers with a weightage of 25 per cent; payment infrastructure - demand-side factors at 10 per cent; payment infrastructure - supply-side factors at 10 per cent; payment performance with the highest weightage at 45 per cent; and consumer centricity at 5 per cent. Each of the parameters includes sub-parameters, which in turn consist of various measurable indicators.

UPI has played a major role in pushing up the use of digital payments in the country. The International Monetary Fund (IMF) has recognised Unified Payments Interface (UPI) as the world's largest retail fast-payment system by transaction volume. This fact has been highlighted in the IMF's report on 'Growing Retail Digital Payments (The Value of Interoperability)' dated June 2025.

Further, as per the ACI Worldwide report on 'Prime Time for Real-Time' 2024, UPI tops the global list with a 49 per cent share in the global real-time payment system and a transaction volume of 129.3 billion. Brazil is placed in the second position with a market share of 14 per cent and a transaction volume of 37.4 per cent, followed by Thailand in the third spot with a market share of 8 per cent and a transaction volume of 20.4 billion. China figures in the fourth place with a market share of 6 per cent and transaction volume of 17.2 billion.

- IANS

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Reader Comments

R
Rohit P
While the growth is impressive, we need to ensure this doesn't leave behind our elderly population or people in remote villages. Digital literacy is just as important as the infrastructure. More awareness camps are needed.
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Aman W
UPI is a game-changer, no doubt. But with this rapid rise, cybersecurity and fraud prevention need to keep pace. Heard of a few scam cases recently. RBI and banks must strengthen security measures.
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Sarah B
As someone who moved to India for work, the ease of UPI payments is astounding. Back home, we're still writing checks or using cards for everything. India has truly leapfrogged in financial tech. Well done!
V
Vikram M
The numbers speak for themselves! From 100 to over 500 in just a few years. It's not just cities; even in my hometown, the local kirana store accepts UPI. This is real progress. Jai Hind!
K
Kavya N
Great to see the data. However, I hope this push for digital doesn't mean we completely abandon cash. For small, daily transactions and in case of network issues, cash is still king. A balanced approach is best.

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