Swych, a Dallas-based mobile gifting company recently announced support for crypto payments. Users can now pay using Bitcoin Cash(BCH), Litecoin(LTC), Bitcoin(BTC) and Ethereum Classic(ETC). Swych app allows people to gift virtual cards from over 600 well known retailers.
Further, the retailers include Toysrus, Old Navy, Macy’s, Nike, Target, Best Buy, Gap, Banana Republic, Sephora, Nordstrom, Amazon and many more. Presently Swych uses payment providers like Apple Pay, Paypal, Amazon Pay, and Google Pay.
If in case the receiver doesn’t like the store they can virtually swap it for another retailer. Swych was founded by Deepak Jain in 2015. Further, it is backed by capital investment from UAE Exchange Group, a global money transfer exchange, and payment solutions provider.
From CEO’s Desk
Deepak Jain, expressed his enthusiasm and said
“We feel we are ahead of the game considering most retailers have not yet chosen to accept crypto payments. Further, In keeping with Swych’s mission of providing our consumers with choice and flexibility, we’d like to provide new options based on our customers’ needs — crypto integration is one of the many requests we’ve received.”
In mid 2018, Swych also rolled out a crossw border gifting platform that’s built on top of the Stellar network. Further, Jain believes distributed ledger technology and cryptocurrency will radically impact digital gifting platforms making them more efficient.
“While digital gifting is undoubtedly an amazing use case for blockchain, so is payments and I think cryptocurrencies are gradually going to become the go-to choice for consumers to make purchases on the internet,”
“For crypto holders, this means they can essentially use their crypto holdings for gift cards that are spendable at hundreds of different retail outlets,”