On Feb. 15, Dallas-based mobile gift company Swych announced that it would accept crypto-currencies for payments. Starting next week, instead of using traditional payment processors, Swych users will be able to pay using decentralized digital resources such as BCH, LTC, ETH, BTC and ETC.
The Swych Mobile Gifting app adds support for 5 cryptocurrencies
The popular mobile application Swych allows people to give virtual gift cards from more than 600 well-known retailers. If the person receiving the gift does not like the store, they can easily exchange virtual funds for another retailer. Founded in 2015 by Deepak Jain, Swych benefits from the investments of UAE Exchange Group, an international provider of payment and exchange solutions. The gift cards available come from retailers such as Toysrus, Old Navy, Macy’s, Nike, Target, Best Buy, Gap, Banana Republic, Sephora, Nordstrom, Amazon, etc. Essentially, Swych allows users to buy and send gift cards in the same way as platforms like Egifter and Gyft. However, the mobile app allows people to change gift cards effortlessly if they do not appreciate the particular brand originally offered.
Swych uses payment providers like Apple Pay, Paypal, Amazon Pay and Google Pay. But according to an announcement Friday, the company will accept five cryptocurrencies next week. Swych users will be able to pay in cash bitcoin (BCH), litecoin (LTC), ethereum (ETH), bitcoin core (BTC) and ETC classic ethereum. Deepak Jain, CEO of Swych, has explained at the time of the announcement, gift cards are a de facto choice among consumers and some of the same consumers also want to use digital currencies.
“We think we are ahead of the game since most retailers have not yet chosen to accept encrypted payments,” Jain said. “In line with Swych’s mission of offering choice and flexibility to consumers, we want to offer new options based on the needs of our customers. The integration of cryptography is one of the many requests we have received.
“Cryptocurrencies: the preferred choice of consumers”
Jain says that Swych is the only app that allows consumers to send gift cards simply by using a mobile phone number. Swych also launched blockchain technology last year and rolled out a cross-border donation platform built on the Stellar network. Jain believes that blockchain technology and cryptocurrency solutions will make digital donation platform operations much more efficient. “While the digital giveaway is without a doubt an incredible use case for the blockchain, the payments too, and I think that the crypto-currencies will gradually become the unavoidable choice for consumers who wish to make purchases on the Internet Jain said.
“For crypto holders, this means that they can essentially use their encrypted holdings for gift cards that can be spent at hundreds of different outlets,” acknowledged Jain. “There is no doubt that this will attract a large part of the community, whether the market is going up or down.”
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Image credits: Shutterstock, Pixabay and Swych.
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