Buyhatke launches card sharing platform UseMyCards

According to data from the RBI, the number of credit cards in use rose to 43.24 mn at the end of Nov 2018 from 34.78 mn at the end of Nov 2017 (iStock) — According to data from the RBI, the number of credit cards in use rose to 43.24 mn at the end of Nov 2018 from 34.78 mn at the end of Nov 2017 **(iStock)**

2 min read . Updated: 28 Jan 2022, 04:33 PM IST Livemint

UseMyCards allows buyers to get superior deals available on select cards whereas cardholders earn points and rewards on their unutilized or underutilized cards

Listen to this article

Price comparison website Buyhatke has launched UseMyCards, which, it claims, is the first and only credit or debit card sharing platform in the world. The feature helps debit or credit cardholders to offer best of the deals available on their cards to interested online shoppers.

UseMyCards allows buyers to get superior deals available on select cards whereas cardholders earn points and rewards on their unutilized or underutilized cards. As per the company, cardholders never have to give any of their card details and the money is held in escrow till the product is delivered to the buyer. The amount is instantly settled to the cardholder once the buyer confirms the receipt.

UseMyCards in a release said, “Say there is ₹15,000 phone and 10% discount on Axis Bank card. You as a buyer do not have Axis Bank card. You can pair with someone who has an Axis card and he would order it for you. You save ₹1,500 and the cardholder also earns the reward point on purchase through the card."

The company claimed that during the Republic Day sale on platforms such as Amazon, Flipkart, Myntra etc, UseMyCards witnessed 820% rise in customers shopping through its website. The number of online transactions also saw rise of 1,060% during the same period.

The top three product categories bought by UseMyCards’ customers during the Republic Day sale were mobiles, fashion and home appliances. The average value of transactions on the platform was ₹5,400.

MINT PREMIUM See All

Prashant Singh, founder and CTO, UseMyCards, said: “UseMyCards does away with the requirement of consumers having to own multiple cards to avail the best deals. I believe, sharing economy is the future and the massive surge in our consumer base during the ongoing sale is a testimony to the fact that Indian buyers are appreciating this innovative concept. Best deals and discounts captivate online shopping and together with our price comparison website, Buyhatke, UseMyCards is here to make shopping experience more memorable for customers."

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!