Blockchain firm Swych goes cross-border gifting
Blockchain-based digital gifting platform Swych has taken one more step to “gifting without borders”. The Texas-based company announced it is leveraging its recent acquisition of GiftCardsIndia to facilitate cross-border gifting, reports Julie Muhn at Finovate.
With the new integration of the recently-purchased platform, US users can now send digital gift cards to friends and family in India in real time. Swych offers gifting options for hundreds of local retailers including Big Bazaar, Flipkart, and Myntra.
This move is the company’s first foray into the international market and another step toward its goal “to facilitate mobile gifting for users across borders worldwide”.
CEO and founder of Swych, Deepak Jain, says: “By launching GiftCardsIndia.com in the US, we are addressing a large market demand from the Indian diaspora here.”
Founded in 2016, Swych leverages the blockchain to provide an way for individuals and corporations to send gifts and incentives in the form of a gift card. When the recipient is notified of the gift, they can use the Swych platform to change the gift card to a merchant of their choosing and in their preferred currency. In some cases, the user can get a discount or reward that a merchant offers for switching their gift card over to a different brand.
Jain adds: “When sending cross-border gifts, consumers and businesses need to manage liability, foreign exchange and customs, as well as regulatory and compliance issues which are complex and time consuming.”
Swych has 50,000 registered users in the US, 100,000 users in India, and more than 50 corporate customers. Last autumn/fall, the company launched a new set of multi-currency, themed gifting options.
