25 November 2022: A report created by Redseer in partnership with the fintech platform -Xare, revealed that the holiday sales season this year provides a massive opportunity for additional savings to the tune of $15 bn for US shoppers. Breakthroughs in financial tech enable innovative solutions like pooling your credit/debit cards with friends or family so that anyone can enjoy the bank benefits .
The end-of-year shopping season is expected to bring $350 bn in global online sales. Shoppers around the world are likely to spend well this year despite feeling inflationary pressures. It is not surprising that all stores, online and offline, are offering better-than-ever deals and unmissable discounts, with special bank promotions in tow.
Online shoppers in the region have shown a clear preference for credit card payments, especially during the sale season. Attractive bank offers, including extra discounts, special deals, cashback, reward points, and add-on services, bring in additional savings on credit card payments.
However, a majority of these card savings are lost to customers who don’t have the relevant cards.
According to Abhishek Rajput, Senior Consultant at Redseer, “The Black Friday shopping season continues to be the busiest of the year with brands offering unparalleled discounts. Shoppers can save nearly $25 bn globally by availing of the bank offers on sales. This is especially significant in the current landscape where people are beginning to feel the heat of inflation. In this scenario, wealth sharing is a convincing solution, and fintech innovation now makes it possible for people to share their financial assets.”
As a mobile-based finance platform, Xare allows the sharing of credit and debit cards among families and communities. Milind Singh, CPO-Co-Founder of Xare commented on why cardsharing is an ingenious way to maximize saving this holiday season. “The end-of-season sales this year come against the backdrop of a worsening cost-of-living crisis. Brands are rolling out extremely attractive deals online, often sweetened by bank offers – but cards are getting expensive. Card-pooling on Xare serves as a smart solution for those looking at pre-paid options for online shopping. With Xare, users get the freedom to share a friend’s bank card to shop and earn extra discounts,” he said. “The card owner also stands to benefit here – as the volume of transactions on his card grows, he can earn more cashback or rewards, discounts on his next purchase, or the chance to upgrade to a higher tier to enjoy more benefits. We are amazed by the possibilities that Xare can create for shoppers around the globe who watch their budget and look for more savings,” he added.