RBI Digital Payments Index jumps 137% in five years, hitting 516.76 by September 2025
India's digital payments backbone more than doubled in five years, with the RBI-DPI climbing from 217.74 to 516.76. UPI and prepaid instruments now dominate low-value retail flows — average transaction size fell from ₹365 to ₹326, PPI volumes hit 98,699 lakh in FY26, and paper payments shrank 15.7%, reshaping checkout economics for merchants.
What happened
RBI Digital Payments Index rose 137% over five years to 516.76 by Sept 2025. Prepaid instruments and UPI now power low-value, high-frequency retail payments
Key facts
- RBI-DPI 217.74 to 516.76
- 137% growth
- PPI volumes 98,699 lakh in FY26
- avg transaction ₹365 to ₹326
- paper payments down 15.7%
Why this matters
Scout PPI license holders, UPI-native reconciliation tools, and offline-to-digital merchant enablement targets before paper-payment displacement fully prices in.