Money remittance Joining the bandwagon of money transfer apps is Xare, which, according to its manufacturers, is a relatively safe option because it does not move the money but access to the money.
Dubai based financial services platform, rise, which launched Xare, said it is a mobile app that allows users anywhere in India and globally to share (xare) their account and credit without any additional costs.
Aimed at increasing financial freedom for individuals, Xare enables users to share money online instantly without any fees and using just the recipient’s phone number or just creating Xare links which can be used to share with multiple people at the same time.
Indian users do not need a UPI identification or a bank account to transfer funds, the company said.
Users have to add their debit or credit card details to share the money.
The app’s security system ensures card details are never seen by the beneficiary and are not stored by Xare centrally, so they cannot be hacked or compromised, the company said.
Once issued with a Xare card, beneficiaries can use their card in thousands of stores to purchase more than two billion products globally.
Xare also allows individuals to capitalise on their un-used credit card limit by sharing this facility with others, according to the company.
Padmini Gupta, co-founder and CEO at Xare, said, “We are delighted to launch Xare in India and introduce many of its features as part of our ongoing efforts to revolutionize financial services. We have designed this app primarily for expat families, offering a hassle-free solution to sharing money.”
Still in its beta phase, Xare will be available for online use in India, and globally by early December through the Google Play Store.
Milind Singh, co-founder of Xare,said, “Indian customers are increasingly choosing to purchase goods and services online, driving e-commerce to reach an estimated $225 billion by 2022 - and platforms such as Xare can help drive this convenience. With Xare, our aim is to provide financial services that benefit the masses.”
Privately founded in 2017, ‘rise’ is a new age financial services platform that creates fit-for-purpose financial products based on a deep understanding of overseas workers and extensive experience in serving and understanding the GCC market.
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