What happens when a billion People use Xare
You’ve probably heard of Xare if you work in a business where you need to transfer or receive money frequently or on a regular basis. It cha
You’ve probably heard of Xare if you work in a business where you need to transfer or receive money frequently or on a regular basis. It changed the way we used to send and share money digitally.
The application allows a user to simultaneously share his or her card with many recipients. As a result, rather than moving money, it gives a mechanism to share access to it. It also provides a framework to obtain short-term loans and a dashboard for businesses to manage their employee expenses.
This article will explain the advantages of using Xare, seeking to answer the frequently asked questions and imagining the results if a billion people use the app.
How can you use Xare?
Xare is a new era one-of-a-kind money-sharing app being used in 130 countries around the world. The company’s unwavering commitment to supporting breadwinners to better share their access with their direct dependents, friends, and communities. It provides a way for them and others, who are unable to access regular financial services.
The app may be downloaded for free from the Google Play and Apple stores. After installing the app, you must register to use it. It takes less than 30 secs to register and it only requires a valid phone number. After completing registration, you’ll be sent to the app’s home page to create a Xare card.
Sharing a Xare card is a simple process. When you log in to the app, it will display any previously added cards as well as the beneficiaries who are currently utilizing them. Add a beneficiary you would like to share a card with. Add limits you want to set for that individual to use on the card. And simply send the link via Whatsapp.
The person will receive a message with a link to your shared card, which they can use to buy 100s of thousands of items from thousands of retailers across the world.
Cumulative Result if a Billion People Use Xare
Xare is a newcomer in the market but has already had $ 300 MIllion shared since its inception less than a year ago. it is showing the potential to be a game-changer, rendering the old concept of moving money as a method of sharing money online obsolete. If a billion individuals utilized the app, they would undoubtedly save a good amount of time and money. It helps via an all-digital process of sharing money to buy essentials.
You can use Xare to send money to friends and family without having to give them your card multiple times and vice versa. You can put separate limitations on your card for different beneficiaries, which can be quite useful in the long term. You don’t want your cousin to spend your bank balance money on things he/she won’t remember the next day. Parents can use Xare to provide their children with allowances in the same way. They can even use the app to track transactions initiated by the shared card link.
Instead of spending a significant amount of money on staff to monitor and maintain payments, the application allows businesses to maintain a dashboard to keep track of their payroll which again saves time and money for a user.
When it comes to ex-pats and migrants it wasn’t an easy process to send money overseas before the Covid outbreak, but now it’s even more difficult. A majority of these folks are unable to use regular financial services as they don’t meet the criteria or they charge exorbitant fees when converting currency. As a result, people choose to transmit money through intermediaries that demand a lower price but are not reliable. Xare, on the other hand, allows users to share money via cards in real-time without any additional expenses. Here is a video on how Xare works :
Is the app safe to use?
A. The application does not share card details with the recipient. The details are not shared in the database, according to the owners; therefore, they cannot be hacked or compromised.
Can you pay someone via UPI in Xare?
A. It is possible to pay someone using UPI if you have enabled UPI transactions with them. He/she can use the link supplied with him/her to scan QR codes at an offline location, and you will receive a notification on your app. After authenticating with any other UPI application, you can enter the amount and transmit the money.
For more details on the Xare app, please look at the article below and get an honest review of the Xare app :