3 months back, we were at a crossroads, couldn't decide what the right path ahead was and had to contend with Y Combinator's advice too (wrote about it here). We knew of the problems but not much of the solutions and no incumbents to follow.
We agreed on few things(fundamental truths):
Trust is incredibly important when it comes to sharing credit cards and anonymous match, can never cut it.
Without integrating at the payment gateway there's no way to reduce data exchange related to a purchase to complete the transaction
Integrating with e-commerce and payment gateways is not viable due to costs and there will always be less than 100% coverage
We figured that best way is to try to replicate the existing user behaviour (around credit card sharing) on WhatsApp and simplify that to make it extremely convenient.
So, what's new?
Circles makes the discovery of cards instantaneous and it happens only in trusted circles of friends and family and their trusted connections
Sharing of credit/debit or wallet details is so secure that even we do not have access to it, only sender and recipient can access it
You can broadcast to your circle, any info that you believe could lead to better collective savings or rewards e.g. a new credit card with great reward points and everyone makes their purchase through that
Pretty much anyone anywhere in the world can now share credit or debit cards with Circles. And no, you do not need to own any credit card to start using Circles.
What's yet to come?
Vault to store credit, debit and reward cards to enable one click sharing
Automated OTP fetching, so transactions can go through smoothly
Automated tracking of payments done for easy settlements
Why should you be using Circles?
Shopping online or offline, the best offers are almost always on credit or debit cards
Your credit cards have fixed annual maintenance costs and to avoid them you have to do certain amount of transactions
When your friends and family do transactions through your card, your reward points increase
You need a credit card for some subscription e.g. Spotify, Netflix or international payment and you don't own one
You want a secure way to exchange credit or debit card details
Circles is currently invite only. If you are interested to get the invite then please sign up on our website: https://www.circlesway.com/