While the online sharing economy has several market disruptors like Uber and Airbnb, who have outsmarted governments, regulators, and competitors to build thriving businesses, there is a new crop of digital mavericks who are redefining the paradigms for self-directed services. These new-age businesses are passionate innovators, not insurgents, who are shaking the edifice of even the most hallowed institutions, like banking and finance. 

In a sharing economy, self-directed financing is a transformative method that allows the movement of money without an intermediary bank, by means such as marketplace lending and crowdfunding, which can lessen the cost of borrowing and increase access to capital. Over the last decade, several of these have even integrated with social networking platforms to add new dimensions to peer-to-peer financing. 

According to the latest report by IMARC Group, the global P2P lending market size reached a value of US$ 112.9 Billion in 2021 and is expected to reach US$ 525.3 Billion by 2027, exhibiting a CAGR of 28.1% during 2022-2027. But there is a dampener here – despite their efficient business models, niche strategies, user-friendly technology, savvy marketing, and customer-centricity, these non-banking financial services cater to people who are already ‘banked.’

At the heart of finance is a big secret. All financial products are built for income
earners who make up only one-third of the world and they, in turn, support two-thirds of the population who are mere beneficiaries. The money-sharing app – Xare – takes the leap of faith and goes beyond the paradigms of P2P finance. 

Instead of moving money between bank accounts or e-wallets or financial identities of any kind, Xare puts the banking console in the hands of individuals so they can create and distribute financial products with anyone within a circle of trust. This circle of trust could be the family, friends, a community or even an organization where there are no complications of multi-level validation or authentication as is required for any other money-transfer route. Yet, the money-sharing via Xare is secure, instant, and borderless. 

The true power of money-sharing is in making your wealth social and accessible to those you love and trust, anywhere, anytime. The Xare app allows you to not only share money but also manage its usage, by putting spend limits and tracking transactions. The beneficiary can use the Xare card for shopping at thousands of online stores, for paying utility bills, medical bills, and other everyday expenses. So, the income earned by one person is utilized wisely even by trusted contacts. 

Collaborative consumption of wealth in a sharing economy is a socioeconomic groundswell that manifests itself best in times of uncertainty and doubt. Our experience with the recent pandemic has taught us several invaluable lessons that go far beyond just fulfilling needs. As we bridge boundaries and break barriers, it is time to take matters into our own hands and be the bank for our loved ones, near or far. 

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