Swych, a digital gifting platform on the blockchain, allows gift cards to be funded instantly.
Applicant name: Swych
Innovation Name: Swych
Innovation Type: Product
Mission: Swych, a digital gifting platform on the blockchain, allows gift cards to be funded instantly.
Innovation Description: Built using the Stellar Network and leveraging the inherent advantages of distributed ledger technology, the Swych platforms blockchain elements operate seamlessly in the background. The Swych gifting network enables frictionless cross-border P2P or B2C gifting and empowers instant digital transactions with zero fees, agnostic of the underlying fiat currency or geography. Any gift sent through the Swych platform can be “swyched,” redeemed, and spent at any retailer in the Swych network, ensuring satisfaction of both the sender and recipient, eliminating the guesswork out of gifting, and erasing the challenge of geographical borders between customers.
Status of Innovation: In-market
Innovation Active Since: 07/21/2019
Applicant Type: Private Company
Headquarter City: Plano
Headquarter Country: USA
Year Founded: 2016
Main Category Choice: End-user Experience
Why do you think you should win this category?:
Now valued at over $600 billion annually, the remittance market is growing rapidly, yet its underpinning technology remains stagnant. Plagued by slow transaction times and absurdly high fees, the remittance industry has seen little to no innovation in 20+ years, with many forced to rely on legacy systems such as Western Union. Deepak Jain’s company Swych initially started out as a standard gift card platform with the unique selling point of the ability to switch gift cards from retailer to retailer. Before long, he noticed how his customers were using his platform to send value to loved ones abroad instantly, without paying fees or even needing a bank account. With this in mind, Swych has found a huge gap in the market and have recently integrated with the Stellar blockchain to further increase transaction speeds. The market size for the unbanked is enormous and Deepak firmly believes that gift cards could be the catalyst to create a more open, global economy.
Secondary Category Choice: Technology Innovation
Why do you think you should win this category?
While many new startups are introducing innovative remittance solutions to the high-fee market, the barrier to entry for these solutions still remains extremely high. Swych is a user-friendly way to transmit money overseas that doesn’t require a significant amount of technical sophistication, with the mission of providing solutions in developing countries, as well as territories undergoing political and environmental crises. Consumers are already familiar with gift-cards. It’s a traditional industry that we are disrupting by making this well-known product borderless and as a result, turning them into a low-fee method of transmitting value internationally. With the complexities of mobile payment acceptance across borders, Swych wants to make shopping and gifting across borders seamless and rewarding for every market. The Swych solution suite will continue to grow and expand always maintaining a focus on enhancing and simplifying the way the global citizen shops and spends.
Full Name: Deepak Jain
Full Name: Harpreet Chawla
Role: Head of Growth & Innovation
Swych Unveils Blockchain Powered Shopping Platform: https://coinjournal.net/digital-gifting-network-swych-unveils-blockchain-powered-shopping-platform/
Full Name: Deepak Jain