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.
With the new integration of the recently-purchased platform, U.S. users can now send digital gift cards to friends and family in India in real time. Swych offers gifting options for hundreds of big-name, 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, said, “By launching GiftCardsIndia.com in the U.S., we are addressing a large market demand from the Indian diaspora here. Now anyone can easily send their favorite gift card from their mobile phone to their loved one’s mobile phone in India.”
Founded in 2016, Swych leverages the blockchain to provide an instant, secure, and scalable 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 even benefits from a discount or reward that a merchant offers for switching their gift card over to a different brand.
“Existing cross-border gifting options are either costly or inefficient,” Jain explained. “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. We’re proud to offer our users a convenient, secure, and fee-free alternative to this emerging ecosystem, all while simultaneously working to facilitate ease of accordance with changing regulatory and compliance requirements.”
At FinovateSpring earlier this year, Swych demonstrated how it facilitates cross-border money transfers using its digital gifting platform in a presentation that won the company Best of Show. With 50+ employees, Swych boasts 50,000 registered users in the U.S., 100,000 users in India, and more than 50 corporate customers. Last fall, the company launched a new set of multi-currency, themed gifting options.