Users will be able to earn yield paid in BTC on all the rewards they’ve accumulated through the app.
Bitcoin (BTC)
rewards company GoSats has launched a new cashback rewards card for
customers in India, potentially setting the stage for wider mainstream
adoption of digital assets in the world’s second-most populous country.
The
new product is being introduced in partnership with the National
Payments Corporation of India, also known as NPCI, which is a
not-for-profit organisation dedicated to promoting digital payments and
settlement systems across the country. The organization was founded in
December 2008 and is under the direct ownership of the Reserve Bank of
India.
The GoSats rewards card, which is accessible through
mobile app and browser extension, allows users to earn cashback paid in
BTC while shopping at major brands such as Amazon, Starbucks and
Flipkart.
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.”
Launched in
February 2021, GoSats has accumulated over 15,000 customers in just six
months, underscoring pent-up demand for digital asset services in the
country. India’s history with cryptocurrencies has been volatile, to say
the least. Policymakers appeared to be on the verge of banning crypto
altogether, but have since softened their stance. As Cointelegraph
reported in July, the Securities and Exchange Board of India is said to
be working with the finance ministry to oversee crypto regulations in the country.
In
the meantime, foot traffic to cryptocurrency exchanges has grown
rapidly. WazirX, a Binance-owned cryptocurrency exchange operating in
India, has reported over 2,600% user growth since inception. A large portion of those signups have been women from smaller cities.
Related: Indian crypto exchange becomes unicorn after $90M funding round
Crypto
credit cards and cashback reward programs are growing in popularity as
digital assets continue to permeate the mainstream. As Cointelegraph
recently reported, PayPal’s Venmo has created a new program that allows credit card users to automatically purchase crypto with cashback rewards.
source link : https://cointelegraph.com/news/gosats-launches-bitcoin-cashback-rewards-card-in-india
