Swych, a digital gift card company is now using a Blockchain-based platform to render its services. This is a company that allows its customers to send gift cards for Birthdays, Wedding Anniversaries, Fathers’ day and other events, to people all over the world. The company aims to speed up the process involved in sending and redeeming gift cards.
Improving the Level of Services Using Blockchain Technology
The US-based company has partnered with about 600 brands over the world to make it easy for gift cards to be redeemed. They process over a million transactions related to gift cards in a year. Therefore, there is a need to improve the level of services rendered to its customers, and in this case, Blockchain technology has been chosen.
Users of the platform can purchase a gift card using Paypal, Apple Pay, Amazon or G pay. The cards can be sent anywhere in the world and redeemed or spent on other items. The best part is, the receiver of such cards can switch it for another card. The sender is not notified about the card changes, which keeps the details of the transaction private.
New Platform Based on Stellar Network
The new platform is based on the Stellar network which the company claims is safer and faster, making gifts to be redeemable on time at any of its retailers. It eliminates transaction fees that are usually applied in sending plastic gift cards. Some of these cards may lose their value on getting to the recipient, given the foreign exchange policies that may apply.
Besides improving their services, the company revealed that their objective is to show people how Blockchain can be used in the real world to solve problems. In this case, they get to see how their digital cards are sent from one location and redeemable at another. The card can then be used to buy a good or service from retailers that are affiliated with Swych.
Blockchain Technology Used By Online Platforms
Blockchain technology is fast gaining real-life application and becoming a part of people’s life. A Zimbabwean owned online food store, for instance, accepts Cryptocurrency, a technology of Blockchain. This enables people in the country to order common food items like Rice, Wheat, and Oil.
In India, you can even order for books from one of the oldest bookstores in the country. This is an online store that allows its customers to pay for books using Bitcoin. As a result, they are not limited to paying using only fiat money.