Consumers use credit cards and UPI for regular transactions reveals ANQ’s survey report

Consumers use credit cards and UPI for regular transactions reveals ANQ’s survey report

 29th April 2024 – In a groundbreaking exploration into India’s financial landscape, ANQ today unveiled the results of its comprehensive Credit Card Survey, shedding light on the evolving spending patterns and preferences of consumers nationwide. With insights gathered from respondents from a diverse demographic across India, the survey paints a vivid picture of the contemporary financial habits of Indian consumers. Notably, a staggering 72% of respondents are younger than 30 years old, underlining the significant role of the youth in shaping the country’s financial landscape.

One of the most compelling findings of the survey is the prevalence of multiple credit card ownership among respondents. In a digital era where convenience reigns supreme, nearly half of users reported owning more than one credit card, with 20% of them holding as many as five or more cards. This trend underscores a dynamic approach to managing finances, with consumers seeking versatility and flexibility in their payment methods.

Moreover, the survey highlights the growing importance of rewards programs in driving credit card selection. Nearly 60% of respondents prioritize rewards when choosing a new credit or debit card, with preferences ranging from cashback incentives to points redeemable for goods and services. This emphasis on rewards reflects a consumer base that is not only financially savvy but also discerning in maximizing the value of their spending.

In addition to rewards, the survey underscores a burgeoning interest in digital payment solutions such as UPI. With nearly 49% of respondents utilizing credit cards and UPI for regular transactions, there’s a clear appetite for seamless integration between traditional credit systems and modern technologies. This trend signals a fundamental shift in how consumers interact with and leverage financial tools in an increasingly digital world.

Commenting on the survey findings, Ashish Khandelwal, Founder of ANQ remarked, “Our findings underscore the importance of credit cards in the daily financial lives of Indians. With a clear preference for enhanced security features, robust rewards programs, and the integration of digital payments, the future of credit cards is set to align closely with the needs and expectations of today’s consumers.”

Additionally, the findings also revealed that approximately half of the respondents report monthly expenditures ranging between 25,000 to 75,000 rupees, showcasing the diverse spending patterns among Indian consumers.