GoSats, a Bitcoin (BTC) rewards firm, has introduced a new cashback rewards card for clients in India, potentially paving the way for greater popular acceptance of digital assets in the world's second-most populous country.
The new concept is being introduced in partnership with the National Payments Corporation of India, or NPCI, a non-profit organization dedicated to the advancement of digital payments and settlement systems across the country.
The business, which was founded in December 2008, is owned by the Reserve Bank of India.
The GoSats rewards card, available through mobile app and browser extension, lets users earn cashback in BTC when purchasing at big companies such as Amazon, Starbucks, and Flipkart.
GoStats is based on Stacks, a Bitcoin platform that offers smart contracts and apps.
In particular, the rewards card uses Stacks' Clarity smart contracts and "stacking," which allow users to earn BTC via the STX token.
The NPCI collaboration implies that GoSats is attempting to avoid any regulatory stumbling blocks when launching its services.
According to Mohammed Roshan, GoSats' CEO and co-founder, the agreement would allow his company to "give customers Bitcoin earning potential leveraging NPCI's current card network."
“Previously, consumers could only obtain Bitcoin cashback on particular brands using our app, but now they can get Bitcoin cashback on any purchase.”
GoSats was launched in February 2021, has amassed over 15,000 clients in only six months, demonstrating the country's pent-up need for digital asset services.
To say the least, India's experience with cryptocurrencies has been turbulent. Policymakers looked to be on the point of outlawing cryptocurrency entirely, but they have subsequently modified their stance.
According to a July article, India’s Securities and Exchange Board is collaborating with the finance ministry to supervise crypto laws in the nation.
Meanwhile, the number of people visiting Bitcoin exchanges has skyrocketed. WazirX, an India-based Binance-owned cryptocurrency exchange, has experienced a 2,600% rise in user growth since its inception.
Women from smaller towns have made up a sizable proportion of those who have registered.
Cryptocurrency credit cards and cashback incentive systems are growing more popular as digital assets continue to enter the mainstream.
PayPal's Venmo, as previously reported, has created a new service that allows credit card users to automatically purchase cryptocurrencies with cashback incentives.