Popular shopping site, Menakart, announced its partnership with fintech Xare to provide a new-age payment solution to customers who do not have their credit or debit card to shop online.
The rapid growth of e-commerce in the MENA region is fueled by a shift in shopping behavior in the post-pandemic era. According to a recent report by Checkout.com, 91% of people surveyed said they regularly shop online. Also, consumer appetite for digital payments continues to rise. The report shows that 70% of consumers across MENA prefer to use a digital payment method.
However, many of these shoppers, for instance, spouses or teenage children, don’t have their own bank accounts or cards. They, instead, rely on the primary income earner’s cards to make online purchases.
The partnership between Menakart and Xare aims to connect earners and spenders by enabling cardholders to share access to their cards safely and securely. Cardholders don’t need to share their card details or transfer any money. Instead, they simply share access to their card by creating a virtual card for a defined amount that can be used for online shopping.
Commenting on the partnership, Shashank Panchmukh, CEO of Menakart, said, “We are closely connected to the shopping preferences of families who shop regularly on our platform for electronics, groceries, clothes, and more. While most members make online purchases, they often do not have their own bank cards. Our partnership with Xare is uniquely positioned to allow card owners to share cards with others in their homes or community. With this, we hope to offer an enhanced shopping experience to customers who don’t own bank cards, or other payment instruments.”
Padmini Gupta, CEO, and Co-Founder, Xare said, “A sizable portion of the consumer spending in the MENA region is not done directly by income owners but by their dependents, who tend to shop more on CoD. Xare allows these dependents to shop freely and safely using shared cards. We are confident that our partnership will increase the adoption of pre-paid choices for MENAkart while giving customers a seamless shopping experience.”
Xare is an innovative app that allows users to share money from a credit or debit card with anyone, anywhere in the world in real-time. Its XareClub feature enables anyone to create a private group, invite friends to share credit and debit cards, and share all the card benefits. Shoppers can access unlimited bank deals and save more, without owning all the cards. Xare’s security tools ensure that a user’s card information is never shared with anyone, nor is it stored centrally on Xare.
