Unified Payments Interface (UPI) transactions in December reached a record high, with 21.63 billion transactions totaling Rs 27.97 lakh crore, marking a 29% year-on-year increase in volume and 20% in value. This growth reflects increased adoption across various markets, with person-to-merchant payments continuing to outpace person-to-person transactions. While overall growth remains strong, the pace has moderated from previous hypergrowth periods, indicating a gradual normalization from a significantly higher base.