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Digital gifting platform Swych adopts blockchain-based platform

Tony Zerucha

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Swych, a digital gifting platform processing more than one million gifting transactions a year, today announced its advancement to a blockchain-based platform that it believes will significantly reduce the fees and other friction points associated with cross-border gifting.

The Swych gifting network enables cross-border person-to-person or business-to-consumer gifting and empowers instant digital gifting transactions with zero fees, agnostic of underlying fiat currency or geography. Any gift sent through the Swych platform can be “swyched,” redeemed, and spent at any retailer on the Swych network, ensuring satisfaction of both the sender and the recipient, eliminating the guesswork out of gifting, and erasing the challenge of geographical borders between customers.

“While the world has become increasingly interconnected since the arrival of the internet, the process of sending a gift — and in particular across countries — has remained stagnant with few and unimaginative choices, shipping hurdles and overall customer dissatisfaction,: Swych founder and CEO Deepak Jain said. “Our blockchain-powered platform will bring long overdue innovation to the $400 billion gifting market by making each gift a perfect one for recipients while eliminating loss of value through any fees or foreign exchange conversions.”

There has been an estimated $149 million in gift card sales in 2017 – an increase of 54% from 2007. Plastic gift cards have become synonymous with inflexibility, fraud, and obsolete technology. Traditional gift card networks and distribution schemes are difficult to scale across borders, and plastic gift cards are often forgotten in drawers. Building on its digital distribution and fraud management capabilities and data insights in consumers’ gifting behaviors, Swych’s blockchain integration enables new horizons for cross-border gifting, and several exciting new use cases such as loyalty redemption, employee incentives, frictionless travel shopping, and easy access to merchant offers.

Building on the Stellar Network, the platform’s blockchain elements operate in the background. Swych users can send, redeem, and Swych digital gift cards without any prior knowledge of blockchain technology, and without compromising on transaction speeds, security, and flexibility of the Swych gifting service.

“Working with Stellar and bringing the inherent advantages of the distributed ledger technology to the forefront, we intend to provide an example to the entire community of how blockchain can be used to solve a real-world problem that pretty much any consumer can identify with,” Mr. Jain said. “Sending a digital gift to another consumer that can be instantly redeemed and spent for merchandise, travel, dining, entertainment or other popular categories without jumping through the hassles of bank accounts, plastic cards, cash withdrawals or foreign exchange fees is the perfect example of how to use technology to simplify consumers’ lives.”  

The Swych app is available for download on iOS and Android. For more information, please visit http://www.goswych.com.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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