“Xare,” a ground-breaking new product created especially for expatriates, was introduced by Rise, a United Arab Emirates (UAE)-based financial services platform. Millions of users of the free mobile app will be able to send money both inside and outside of the UAE as well as the larger Gulf in a matter of minutes.
Xare, one of the most exciting and dynamic internet firms in the world, is led by future-ready visionaries who support financial inclusion and is poised to revolutionize how people send, share, and spend money across eras, genders, and nations.
Apart from remittances, Xare has a wide range of applications. The product allows friends to share credit in order to avoid taking out a ridiculously overpriced short-term loan. Short-term loans in many progressive economies, such as the United Kingdom, can result in up to 24% per month and are known to prey on the borrower.
Xare offers a more equitable alternative, enabling people to assist one another even if they lack the necessary funds to do so. Parents who want to give their kids cash for everyday expenses or as a gift can also use Xare.
Customers can utilize “Xare Anywhere” to make purchases anywhere in the world even if they do not have a credit or debit card by utilizing a card shared by a family or a reliable friend, all without disclosing their own card information.
It takes a maximum of 30 seconds to register and the only requirement is a valid phone number. To share their card, users simply choose a contact from their phone, and they can also set daily or monthly limits as well as expiration dates.
Because of the app’s revolutionary security system, card details are not visible to the beneficiary and are not recorded centrally by fintech, so they cannot be breached or compromised. Customers with the Xare Anywhere can use it in thousands of stores to make more than two billion international purchases – even if the card isn’t their own! The fintech platform would approve their transactions based on the original cardholder’s approval.
The co-founder and CEO of Xare, Padmini Gupta, shared her insightful knowledge with Arabian Business. “Our platform which allows people to share their cards with certain conditions such as specified spending limits has built its own in-app browser which recognizes checkout environment and technology used by any merchant and interfaces with it at run-time to provide a seamless checkout experience.”
“Customers could only shop from a restricted number of merchant sites in various countries when the company initially launched Xare”, Gupta further adds.
Xare’s previous shared-card products had restricted usage because they were only available for use by businesses that the company had partnered with.
With a team-branded card, the fintech company is also poised to make a mark in the soon-to-commence FIFA World Cup in Qatar.
Regarding the FIFA-related product, Gupta stated that the company’s team-branded cards will have a myriad of benefits and product giveaways. The fintech venture is also set to make a splash in the soon-to-be kicked-off Qatar World Cup, with a team-branded card
“For example, we have an England card which enables English football fans to get discounts on travel and hospitality through our travel partners, discounts on electronics through our electronic partners, and then win merchandise as cashback when they spend,” Padmini Gupta declared earlier this month.
Gupta stated, “We are enthusiastic about the potential of providing branded card promises to the masses. This will be our first introduction to such a product. According to her, the Xare Anywhere cards are a world first that eliminates all obstacles, including linguistic ones, and will define a paradigm for borderless shopping.
Milind Singh, the co-founder of Xare was also thrilled that a Middle Eastern startup could build a multinational business from scratch, which is known to be a very difficult prospect for even a well-regarded Silicon Valley company.
Sounding incredibly confident that the company’s new card will be a tremendous success on the international market, Singh confesses to Arabian Business. “We saw the need for such a card because most cards are made for individuals with income, but the fact of the matter is that most of the population does not work.”
According to Singh, non-resident people in many nations do not have access to unsecured loans or many other financial derivatives. This fintech is aiming to address this problem by implementing technology. “We are simply scraping the surface, and our firm has enormous worldwide potential,” Singh added.
Conclusion
As a result of Rising’s steadfast dedication to democratizing banking and offering cutting-edge goods for those who cannot access traditional financial services, this fintech was created. By allowing international employees to send and receive money swiftly, safely, and securely using a wholly digital app, Xare is revolutionizing remittances.
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