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Swych Unveils Themed, Multi-Currency Digital Gifting Options

FinovateFall Best of Show winner Swych has introduced a new set of themed, e-gifting options. The new switchable Occasion, Category, and Event-themed e-gift cards are automatically redeemable in either U.S. dollars or Indian Rupees (depending on location) at retailers matching the category theme. A U.S. shopper who receives a Fashion e-gift card could “swych” it in order to make purchases at a retailer or speciality clothing boutique in the States, while the same card received by a shopper in India could be redeemed at a popular Indian retailer such as Shopper’s Stop.

“We are re-envisioning gifting between consumers by thinking about it in a social and fun way,” Swych founder and CEO Deepak Jain said. “Swych’s value proposition is to make every gift a perfect one; and now we are taking it further by making the gifting transaction between consumers located in two different parts of the planet as seamless and easy as sharing a video or having a chat conversation.” He added, “our launch of a multi-currency, global category gifting portfolio is a step in this direction.”

Examples of the category-themed e-gift cards include Birthday, Anniversary, Graduation, Wedding, New Baby, and Thank You products. The company is also planning to add special events and holiday-themed universal e-gift cards for Diwali, Christmas, and other occasions.

Swych’s e-gift cards are unique insofar as there are no other multi-currency, multi-retailer gift products available on the market that do not also incur interchange or foreign exchange fees when used. In the same way that e-gift cards have made gifting easier within countries and regions, Swych’s new offering makes it easy for consumers to send gifts to friends and family abroad, as well as for businesses and institutions looking to provide rewards and incentives to employees working in more than one country. Swych’s e-gifting solutions have no transaction fees, can be used at the recipient’s preferred merchant, and integrate readily within remittance, mobile banking, messaging, conversational commerce, and loyalty programs.

Headquartered in Plano, Texas, Swych demonstrated its Mobile Gifting Platform at FinovateFall 2016, winning Best of Show. The company has more than 130 U.S. retailers in its network and is partnering with 100 retailers from India, the Philippines, and other countries. Last month, the company announced a “major strategic investment” from UAE Exchange Group through which the two will jointly develop digital gifting services for consumers in emerging markets. In February, Swych released the beta version of its P2P gifting bot. The Swych mobile app is available to U.S. consumers on both iOS and Android.