Swych, a mobile company based in Dallas recently announced that it will be accepting cryptocurrency payments for its products. After February 15, the company will transition away from traditional payment processors so that cryptocurrency users can pay for digital assets such as ETC, ETH, BTC, LTC, and BCH.
For those who are unfamiliar with Swych, it was founded by Deepak Jain in 2015. The platform allows users to purchase and send virtual gift cards as a gift. The gift card recipient can swap their virtual funds for another card from a different retailer if they do not like the original card.
A few of the main retailers from which users can purchase gift cards include Nordstrom, Sephora, Amazon, Gap, Banana Republic Best Buy, Old Navy, Macys, Toysrus, and Nike. To swap gift cards, users can simply use the mobile platform. The process seems quite effortless and simple. Jain commented,
“We feel we are ahead of the game considering most retailers have not yet chosen to accept crypto payments. In keeping with Swych’s mission of providing our customers 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.”
Jain also added that his platform is the only application that allows users to send gift cards using a mobile phone number. He believes that cryptocurrency and blockchain technology allows for efficiency. As he stated,
“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.”
He added, “For crypto holders, this means they can essentially use their crypto holdings for gift cards that are spendable at hundreds of different retail outlets,” Jain conceded.
“There’s no doubt that this will be attractive to a large portion of the community, irrespective of whether the market is up or down.”