SwapPay will be Australia’s first cryptocurrency for fashion

SwapPay will settle for clothes in good situation, pay clients for postage after which supply a digital “coin”, of various worth, for the returned items.

“The coin is just not assigned a price by SwapPay,” Mr Elsibai mentioned. “It is decided by the manufacturers themselves. So a coin at one model is perhaps value $30, at one other it is perhaps $10.”

His hope is that the majority returned clothes will likely be donated to charitable organisations, however some could also be recycled and made into new clothes.

Returned clothes will be from any model, and whereas initially SwapPay will likely be provided solely with Australian Model Alliance’s companies, Mr Elsibai hopes to divulge heart’s contents to different retailers.

“We’re wanting inside the style sphere, and outdoors, too,” he mentioned. “There’s numerous scope right here, we simply need to make it a cool and legitimate choice for individuals, and take the guilt away from undesirable clothes.”

SwapPay is just not the one enterprise to supply return-and-earn: The Iconic, for instance, gives free postage for undesirable clothes which is then donated to the Salvation Military.

Upparel, a clothes recycling enterprise, accepts clothes (excpet underwear) in any situation and recycles it, breaking down the fibres and making new merchandise. Prospects who donate obtain a voucher which will be redeemed on-line.

Even quick vogue manufacturers like Swedish big H&M and Spanish excessive road label Zara are trying to revive their sustainability credentials with garment recycling packages.

Turning a revenue, mentioned Mr Elsibai, is a piece in progress.

“SwapPay is a communications platform, so we could cost retailers a price for advertising by way of the platform,” he says. “We’re nonetheless ironing these issues out. However one factor we won’t do is make a revenue from the returned clothes – that’s all to be donated.”