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Gifting is becoming more and more diverse, leading to a role for a distributed ledger to streamline the user experience and bolster incentive marketing.
Swish will be a blockchain from the Stellar Network in several phases over the next year. It will be a new option for cross-border gifting, as well as use cases for loyalty redemption, employee incentives, said Deepak Jain, CEO of Swych.
The gift card industry is undergoing massive change while rising in consumer popularity. Digital gift cards have become the growth engine for the industry as consumers and businesses are choosing to send digital gifts by email and mobile device in lieu of purchasing plastic cards. The digital cards give the gift to the gift card.
"The fast pace of innovation in this ecosystem gives us access to modern tools and development that are easy to integrate and speed up time to market," said Deepak Jain, CEO of Swych.
Swan is browsing these changes along with competitors such as Tango Card, First Data and Blackhawk Network. Part of Swych's attempt to differentiate itself is its digital-heavy focus.
The company's mobile digital gifting platform allows users to send mobile gift cards that can be exchanged – or as the company says, "Swyched" – by the gift card recipient to an alternative gift card of the recipient's choice. Poor and low redemptions. The gift card will be redeemed.
Swych also specializes in cross-border gift cards. For example, a company may wish to reward your living in their old country home. In August Swych launched a gift card service for instant cross-border gifting to India following its recent acquisition of GiftCardsIndia.
Swan is expecting the new system will be seamlessly in the background, unbeknownst to its customers. Meanwhile, the block will improve its operating expenses through reduced fees and allow it to develop new products for consumers and businesses.
Swich contends the blockchain allows to improve cross-border aspects such as settlements and reconciliation, consumer authentication, fraud monitoring and access to new markets.
"Factech is the most exciting frontier for blockchain and the fast pace of innovation in this ecosystem gives us access to modern tools and development that are easy to integrate and speed up time to market," Jain said. "," The transparency and immutability of data promises to simplify customer support and quality of service, which in turn helps us to better product in the market. "
