Digital gifting platform Swych has launched a blockchain-based platform that it believes will significantly reduce the fees and other friction points associated with cross-border gifting.
The infrastructure is built on the Stellar Network, and users will be able to use the service without needing additional technical knowledge. The blockchain aspects will operate in the background while purchases can be made redeemable for participating in international stores as well.
This blockchain integration has set benchmarks for cross-border gifting, as well as several exciting new use cases such as loyalty redemption, employee incentives, frictionless travel shopping, and easy access to merchant offers.
Referring to this new transition, Deepak Jain, CEO and founder of Swych said:
“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. Our blockchain-powered platform will bring long overdue innovation to the $400B gifting market, now expected to grow to $700B by 2024, by making each gift a perfect one for recipients while eliminating loss of value through any fees or foreign exchange conversions.”
With respect to collaboration with Swych, Lisa Nestor, Director of partnerships of the Stellar Development Foundation added that:
“By using the Stellar Network, Swych enables instant and secure purchases redeemable with any of their retail partners across the globe. Swych is leading the way forward in the gifting industry by integrating blockchain technology, and we’re excited to see how the industry will continue to evolve.”
Swych is a mobile gifting platform enabling users to send “swychable” gifts from their mobile device that can be instantly redeemed for electronic gift cards from more than 600+ popular brands. Users can instantly buy, send, re-gift, upload, “swych” and redeem gift cards conveniently from their mobile device. Swych is part of the Finablr network of brands.