Swych Announces a Range of Multi-Currency Global Digital Gift Products
The award winning digital gifting platform brings to market yet another industry first innovation through universal, occasion and category based e-gift options redeemable in multiple countries and currencies
PLANO, TEXAS — October 24, 2017: Swych, Inc., the pioneer of the revolutionary Swych™ digital gifting platform, today announced a patent-pending industry innovation with the addition of switchable multi-currency Occasion, Category and Event based e-gifting options in its digital gift card marketplace.
For the first time ever, Swych consumers and enterprise customers can leverage unique, globally redeemable, multi-currency products such as Fashion, Dining, Travel and Entertainment e-gift cards. Based on the location of the recipient, these products are designed to be automatically redeemable in either U.S. Dollar or Indian Rupees at retailers matching the category. Just like other e-gift cards on the Swych system, these category cards can be instantly funded with any denomination and sent to a mobile user instantly. These e-gift cards can then be redeemed by recipients in the Swych mobile app for retailers matching the category in the country and currency where the redemption happens. For example, the Fashion gift card if received by a recipient in the United States might be “swyched” to be used in U.S. Dollars at popular department stores, or specialty clothing and cosmetic retailers. The same card if received by a recipient in India might be “swyched” into Indian Rupees and redeemed at retailers like Shopper’s Stop or Lifestyle. For a consumer, there is no cost to send and no cost to Swych — a truly unique value proposition not currently available in the market. In 2018, redemption options and currency support for these category cards will be added in additional markets such as Japan, the United Kingdom, Australia, Canada and the Philippines.
In addition to the category themed e-gift cards redeemable for selected merchants matching the category, Swych’s selection of e-gift cards also includes Universal Occasion themed products redeemable at any merchant in the Swych network. These products include Happy Birthday, Happy Anniversary, Happy Graduation, For Your Wedding, Hello Baby, and Thank You, and more will be added soon. Swych brings these targeted digital gift cards to a new level with special Event gift cards available at different times of year for special events and holidays, such as Diwali or Christmas themed universal e-gift cards.
Deepak Jain, chief executive officer and founder of Swych, said, “We are re-envisioning gifting between consumers by thinking about it in a social and fun way. 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. Our launch of a multi-currency, global category gifting portfolio is a step in this direction.”
Currently, there are no options in the market for multi-currency multi-retailer gift products that don’t carry any interchange or foreign exchange fees. There is no easy and free way for consumers to send gifts to their friends and family abroad or enterprises to reward and incent a workforce present in more than one country. The customer experience is far from delightful. Swych solves this problem with global multi-currency digital switchable — or “Swychable” — gift cards that have no transaction fees, can be used by the recipient at a retailer of his choice, integrate easily with remittance, mobile banking, messaging, conversational commerce, rebate, check disbursement and loyalty platforms to drive customer acquisition, increase engagement, loyalty and retention.
Swych’s patent-pending Gifting as a Service platform, APIs and white-label solutions enables enterprises, financial institutions and telecom operators of all sizes to easily offer “Swychable” gift cards or rewards redemption to their consumers, both domestically and internationally.
Swych has over 130 U.S retailers in its network and is currently onboarding more than 100 retailers from India, the Philippines and several other countries to its network to create the first ever, globally connected network of retailers with a combined choice of millions of products or services gift recipients can choose to spend their gift on. The Swych mobile app is available to consumers in the United States on both Android and iOS platforms.
Swych’s patent pending mobile gifting platform enables users to send “swychable” gifts from their mobile device that can be instantly redeemed for electronic gift cards from more than 130 popular brands. Swych users can instantly buy, send, re-gift, upload, Swych and redeem gift cards conveniently from their mobile device. Swych is a private company funded by seasoned angel investors from the banking, financial services, payments, gifting, telecom and enterprise computing space. Swych is headquartered in Plano, Texas, with offices in San Francisco, California. For more information please visit www.goswych.com. To download the award winning Swych app, visit http://goswych.com/download.
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