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Swych, a digital gifting platform that currently processes over one million gift transactions for consumers and businesses, today announced its progress on a blockchain-based platform that significantly reduces taxes and other friction points associated with cross-border gifting.
The Swych gifting network allows cross-border payments from person to person or from business to consumer and authorizes instant digital gift transactions at no cost, agnostics of underlying legal or geographic currencies. Any gift sent via the Swych platform can be "exchanged", redeemed and spent at any Swych dealer, ensuring satisfaction of both the sender and recipient, eliminating guesswork from donations and erasing the challenge of geographic boundaries between customers.
"As the world has become increasingly interconnected by the arrival of the Internet, the process of sending a gift – and in particular in all countries – has remained stagnant with few and not imaginative choices, obstacles to shipping and general dissatisfaction with the Our blockchain platform will bring long-time innovation to the $ 400B gift market, now it should increase up to $ 700B by 2024, making every gift perfect for recipients, eliminating the loss in value through any commissions or currency conversions foreign. "
With a network of over 600 partner brands worldwide representing billions of products, this transition marks significant progress towards Swych's mission to create the global standard for digital gift.
In 2017 there were about $ 149 million in gift card sales – a 54% increase over 2007. Plastic gift cards have become synonymous with inflexibility, fraud and outdated technology. In addition, traditional gift card networks and distribution schemes are difficult to scale beyond boundaries and plastic gift cards are often forgotten in drawers. Based on its proven success with digital distribution, fraud management and in-depth analysis of consumer purchase behavior data, Swych's blockchain integration allows new horizons for cross-border donation, as well as several exciting new cases of 39; use as loyalty redemption, employee incentives, frictionless travel purchases and easy access to merchant offers.
Based on the star network, the blockchain elements of the platform operate seamlessly in the background. Swych users can easily send, redeem and exchange digital gift cards without any prior knowledge of blockchain technology and without compromising the speed of transactions, security and flexibility of the famous Swych gifting service.
"Using the Stellar network, Swych enables immediate and secure redeemable purchases with its retail partners around the world, and Swych is leading the way in the gifting industry by integrating blockchain technology and we are thrilled to see how the industry will continue to evolve."
Jain added: "By working with Stellar and bringing to the fore the inherent advantages of distributed register technology, we intend to give an example to the whole community on how the blockchain can be used to solve a real problem that virtually any consumer can identify with .The sending of a digital gift to another consumer that can be redeemed and spent instantly for goods, travel, restaurants, entertainment or other popular categories without skipping the hassles of bank accounts, plastic cards, withdrawals cash or exchange fees is the perfect example of how to use technology to simplify the lives of consumers ".
This news follows Swych's recent partnership with WeChat, Travelex and Finablr and the acquisition of GiftCardsIndia, which allows Swych users in the United States to send personalized digital gift cards to their loved ones in India.
