Rise, a financial services platform designed for emigrant workers, has launched ‘Xare’, a new product aimed at enabling more than one billion people worldwide to become their bank. The free–to–use mobile app instantly will enable anyone, anywhere, to share access to their account and credit card with their account and with their friends and family while maintaining total control over spending and without sharing any private information.
There are more than 35000 banks worldwide in which over a billion people don’t have a bank account and about half of the global population cannot access bank credit. Xare was developed as a result of the Rise’s dedication to demonstrating banking and providing innovative products for those who cannot access common financial services.
Padmini Gupta, Co-founder, and CEO at Rise mentioned that the company is excited to introduce Xare and be a part of the continuous efforts to transform financial services to provide a ton of options and solutions to those that have historically been ignored by traditional banks and they were targeting to build a billion banks globally through Xare by sanctioning users to become the bank that their tribe needs to succeed. People everywhere deserve a better banking experience, and better to provide for those that know them best i.e. their families and friends.
Generally, migrant workers send around 80% of their wages back home to their families; however, once the money has left their host country often have zero control or transparency over how it is spent. Research made by independent mediators realizes that 93% of senders have no control over the spending and this has led to tensions between senders and the person who spends the money in up to 75% of the cases. Moreover, the remittance process can be slow and incur high-cost. Xare is reviewing payments by enabling overseas workers to share their funds safely, securely, and instantly using a fully digital app.
The product also enables friends to share credit to prevent one party from having to take out an extensive short- term loan. Short term loans in many advanced markets, like the UK, can cost up to 24% per month and are often acquisitive on the borrower. Xare provides a better alternative, allowing people to help each other. It can also be used by parents who want to give their children cash for their daily expenses or as a gift. Users can join the waiting list to download Xare through the Google Play Store. The app will be available worldwide for users by mid-November.
