77% of young professionals check awards offered by payment services: Study

48% of them feel they are losing money due to inefficient payment choices

As many as 77 per cent of young professionals in India research rewards and prices of digital payment services before making financial decisions, said a survey on Thursday.

 

Despite diligence 48 per cent of them feel they are losing money due to inefficient payment choices, according to the survey Kiwi, a credit-on-UPI platform, conducted in collaboration with Unomer, a digital consumer insights firm. The survey asked professionals aged 21-35 about payment options and rewards.

 

As many as 50 per cent of respondents want guaranteed cashback for every transaction. As many as 49 per cent want rewards irrespective of transaction size, indicating a need for more inclusive benefits.

 

 

Frustration with reward structures was evident, as 27 per cent of respondents specifically called out scratch cards bearing messages like ‘Better luck next time’ as a source of disappointment. This highlights a shift in consumer expectations toward assured returns instead of chance-based incentives.

 

As many as 67 per cent of respondents said their biggest concern was financial loss while making payments. Moreover, 44 per cent view missed rewards and points as a form of financial loss, further reinforcing the demand for transparent and predictable reward systems.

 

UPI vs credit cards

 

The survey also explored payment preferences, revealing that 70 per cent of young professionals use UPI (Unified Payments Interface) for daily small transactions, while 81 per cent rely on it for in-person payments, appreciating its widespread acceptance noted by 85 per cent of respondents. However, despite UPI's dominance, 74 per cent of respondents expressed dissatisfaction with its immediate deduction from savings accounts.

 

Conversely, 81 per cent value credit cards for their interest-free credit periods, indicating a preference for financial flexibility. The findings suggest a strong consumer interest in a hybrid payment solution that merges UPI’s convenience with the benefits of credit cards.

 

The survey highlights a deliberate approach to spending among India’s youth. About 75 per cent of respondents wait for sales before making major purchases, while 56 per cent actively choose payment methods that offer the best discounts. This price-conscious behavior underscores the need for financial institutions to align their offerings with evolving consumer expectations.

 

“As digital payments evolve, India’s young professionals are becoming more conscious of how they spend, save, and maximize value. Consumers don’t like to lose out—whether it’s on rewards, cashback, or smarter payment options,” said Mohit Bedi, co-founder and chief business officer of Kiwi.

 

“Our survey reveals that young Indian consumers are highly price-conscious and strategic in their spending habits, making it imperative for financial institutions to adapt to meet the evolving preferences of this demographic,” said Vinay Bapna, co-founder and chief executive officer of Unomer.

 

With young consumers demanding more rewarding payment options, financial service providers may need to rethink their offerings to stay relevant in a rapidly evolving digital payments landscape.

 

Methodology

 

The survey was conducted across Mumbai, New Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Ahmedabad, and Pune. Respondents were selected based on recent usage of both credit cards (within the past month) and UPI (within the past two weeks). The data was collected between March 14 and 17 through a mobile-based self-administered questionnaire to ensure accessibility and convenience for participants.