Swych Gifting Platform Moving to the Blockchain
Successful gifting platform Swych is now incorporating blockchain and cryptocurrency into its business model. Bitsonline Got to sit down with founder and CEO Deepak Jain to discuss the company’s decision to adopt blockchain.
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Bringing Gifting to the Blockchain
With Swych, users can exchange digital gift cards with each other on their phones. The gift cards are transferred via text message, and the recipient can use the company’s app to apply — or “Swych” — the gift card to a retailer of their choice.
Jain told Bitsonline this model works for friends and family living too far away from one another to physically exchange gift cards, and they may not know which retailer’s gift cards would be most useful for the receiver.
And with the rollout of a new cross border-feature — allowing people to send gift cards to each other in different countries — Swych is choosing blockchain to aid the transferring process.
With this new service, users can send digital gift cards across national borders, converting the currency into the recipient’s local money while also allowing them to switch the gift card to their favorite retailer in that country.
Jain said the blockchain is the perfect application for this kind of cross-border transferring system, and the company said it will make their transactions more efficient, creating a better experience for its users across the globe.
Part of the reason the company decided to make this move, Jain said, is to help people spend their crypto with retailers that don’t directly accept these digital currencies.
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Image and video via Bitsonline, Swych