On all of the incentives they’ve acquired through the program, users will be able to receive yield in BTC.
GoSats, a bitcoin (BTC) rewards startup, has launched a new cashback rewards card for Indian consumers, potentially paving the way for more widespread adoption of digital assets in the world’s second-most populous country.
The new solution is being launched in collaboration with the National Payments Corporation of India, or NPCI, a non-profit organization dedicated to strengthening digital payments and settlement systems in India. The Reserve Bank of India is the sole owner of the business, which was created in December 2008.
The GoSats rewards card, which can be accessed via a mobile app or a browser extension, lets users to receive BTC cashback when buying at big retailers like Amazon, Starbucks, and Flipkart. GoStats is based on Stacks, a Bitcoin platform that offers smart contracts and apps. The rewards card, in particular, makes use of Stacks’ Clarity smart contracts and “stacking,” which allows users to earn BTC using the STX token.
The NPCI partnership suggests that GoSats is looking to avoid any regulatory hurdles in rolling out its services. Mohammed Roshan, GoSats’ CEO and co-founder, said the partnership will enable his firm to “offer users bitcoin earning opportunities using NPCI’s existing card network,” adding:
“Beforehand, people could only get bitcoin cashback on specific brands through our app but now can earn cashback in bitcoin on every spend.”
GoSats, which launched in February 2021, has amassed over 15,000 customers in just six months, demonstrating the country’s unmet demand for digital asset services. To say the least, India’s experience with cryptocurrencies has been turbulent. Policymakers appeared to be on the point of outright banning cryptocurrency, but have subsequently backed off. The Securities and Exchange Board of India is supposed to be working with the finance ministry to monitor crypto legislation in India, as Cointelegraph revealed in July.
Meanwhile, foot traffic to bitcoin exchanges has increased dramatically. WazirX, a Binance-owned cryptocurrency exchange in India, has seen a 2,600 percent increase in users since its start. Women from smaller cities made up a big share of those who signed up.
As digital assets become more widespread, crypto credit cards and cashback reward programs are becoming more popular. PayPal’s Venmo has established a new scheme that allows credit card users to automatically purchase bitcoin with cashback rewards, according to Cointelegraph.