Pakistan was lacking its renting platform where people could list their unused items for rent. Introducing UpRenting. UpRenting is not just a listing platform. It’s a complete rental platform with features like escrow payments and CNIC verified accounts. Lender can mark the pickup location on the map where the item can be picked up by borrower.
This startup from Karachi wants people to stop buying and start renting. People spend tons of money on items which are used once and then those expensive items are kept in your home and start getting dust. So why not to turn these items into cash? A lot of people can’t even afford to buy these expensive items. When you buy an expensive item you’ve got to stick with it for months.
Uprenting is a peer to peer renting platform. Where people can rent out stuff between each other. UpRenting makes the deal safe by holding money into escrow as a third party. It also has online verification platform, users need to submit their national id card to verify their account and then they can’t take items for rent.
Renting process is developed in very simple way, when lender handover goods to borrower. He have to click on “Start Renting” in the order page and when he have got the item back he need to click on “End Renting” and give user a rating and feedback. It’s like an uber ride process.
After both users gives rating to each other. Escrow is unlocked, rental charges are sent to Lender and security deposit is sent back to borrower.
To make the renting safe you can enable Verify ID on your listing. It will require borrower to have his/her account verified through CNIC.
Escrow is win win situation for both borrower and lender. The borrower will need to pay the money in escrow to UpRenting. This amount is not sent to the lender directly. Borrower is always risk free of giving his security deposit to borrower directly and similarly lender feels confident when rental charges are safe already. UpRenting will release the money when both borrower and lender will finalize the deal by giving rating and feedback to each.
“We have many future plans but right now we’ve to go niche by niche. We’ll be going to add pickup and delivery service as well by creating our own fulfillment centers where people can send their unused stuff and we handle everything for them. They will receive payments in their bank account.” says Usama Khalid, Founder of UpRenting.
UpRenting has still long way to go. But it can boost the sharing economy and revolutionize the renting industry in Pakistan if in coming years UpRenting is able to scale themselves.
Go check it out: https://uprenting.com