Xare to unveil a breakthrough in payment cards: Borderless, language-less card checkout
Customers can shop globally with ‘Xare Anywhere’, even if they do not own a credit or debit card.
UAE-based fintech venture Xare is set to unveil a new breakthrough in payment cards – an AI-powered card which can be used on any website in any language around the world without providing card details.
Customers can shop globally with the soon-to-be unveiled card – Xare Anywhere – even if they do not own a credit or debit card by using a card that was shared by a relative or a trusted friend, with the Xare platform approving transactions based on the original card holder’s approvals.
The fintech venture is also set to make a splash in the soon-to-be kicked oQatar World Cup, with a team-branded card.
“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 recognises checkout environment and technology used by any merchant and interfaces with it at run-time to provide a seamless checkout experience,” Padmini Gupta, co-founder and chief executive officer of Xare, told Arabian Business.
“This allows customers to use Xare on any website in the world. This is a tech breakthrough which allows cardless checkouts on any website, any language,”Gupta said.
Xare’s earlier shared-card products had only limited access as they could be used only at merchants with which the company had tie-up.
On the FIFA-related product, Gupta said the company’s team branded cards will come with several benefits and merchandise giveaways.
“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,” she said.
The Xare team card for the World Cup would be similar to co-branded cards by banks, but done by a community without involving a bank.
“This will be our first launch of such a product and we are really excited about the prospect of bringing branded card ability to the masses,” Gupta said.
She said the Xare Anywhere cards were a global first, which breaks down all barriers, including language, and would set a precedent for borderless shopping.
The Xare co-founder was also ecstatic about the fact that it was possible for aMiddle East startup to build a global business from the start, which is perceived to be a very tough task for even a high pedigree Silicon Valley venture.
“We felt the need for such a card because most cards are designed for people with income, but the fact is that most of the world does not work,” Gupta said, sounding highly optimistic that the company’s new card would be a huge success globally.
“It [the new card product] is the outcome of some groundbreaking AI work done by our tech team,” she said.
Gupta said when the company first launched Xare, customers could only shop from a limited number of merchant sites on its platform in various countries.
“As we grew globally, we recognised the need for our users to use Xare on any website, irrespective of the county or language,” she said.
“Our solution especially helps migrants build a better way to manage their families across borders. Now with Xare Anywhere, families can be any where in the world and they will still be able to Xare – the company calls it ‘share’ –with them,” Gupta said.
She said Xare’s new product would be a game-changer not only for shoppers around the globe, but equally for brands that have international appeal.
The UAE fintech startup has already created a vast global footprint, with its card business notching up over $1.5 billion worth transactions shared on the platform by over 2.5 million users in 180 countries.
“With our new borderless, language-less card, we hope to leapfrog these numbers several times higher,” Gupta said.
Checkout the article on Arabian Business