MUMBAI: As reported by the Reserve Bank of India’s Digital Payments Index, there was a 10.7% increase in digital payments year-on-year as of March 2025, reflecting ongoing growth in the use of online transactions.
Insights from Dilip Modi, Founder & CEO, Spice Money, on the Surge in Digital Payments: Analyzing RBI Data
India is in the midst of a financial revolution, driven by the rapid rise of digital infrastructure, payments adoption, and data-driven credit enablement. The RBI’s Digital Payments Index, which rose 10.7% year-on-year to 493.22 as of March 2025, and the over 65,000 crore digital transactions amounting to ₹12,000 lakh crore recorded over the past six financial years, as recently mentioned in Parliament, are strong indicators of this transformation, highlighting the depth and scale of this transformation.
What is especially encouraging is that this growth is not confined to metros; it is reaching tier 2, 3, and rural areas, powered by targeted initiatives like the Payments Infrastructure Development Fund and collaborative efforts across government, RBI, NPCI, fintechs, and banks.
In parallel, we are also witnessing a fundamental shift in how credit is assessed and delivered. The launch of the New Digital Credit Assessment Model for MSMEs also signals the transition from traditional underwriting to real-time, data-driven evaluation.
Together, these developments mark a new chapter in India’s financial journey, one that is digital-first, inclusion-led, and innovation-driven. For the fintech industry and financial inclusion players like us, this is an unprecedented opportunity to unlock economic potential at the grassroots and build a truly inclusive digital India.