Earning rewards while shopping is not a new concept, as I am earning rewards by using my credit card from the last two decades. But this time it is more exciting as we can now earn rewards in crypto! In India a company launched a prepaid card which gives rewards just like any credit card but in BTC (Satoshi)
The company GoSats was co-founded in 2021 by brother sister duo Mohammed Roshan and Roshni Aslam in Silicon Valley of India, Bengaluru. According to founders, the idea behind it was to introduce crypto to masses, who otherwise are hesitated to hold crypto.
A question asked to founder why Satoshi as rewards are better than conventional rewards points? In a reply, they explained conventional rewards are just points and can not be converted into fiat, have some fixed value and comes with expiry date. In case of Satoshi as a reward it has potential to grow, can be converted into fiat and never expires. But at the same time, value of rewards in Satoshi could be decrease depending on market conditions.
This card is a pre-paid card can be load with Indian Rs and comes into two variant. Elite card which has annual fee of INR 999 ($12.5) and gives 1.5% reward on spending, while Intro card has one time charge of INR 499 ($6.25) and fetches 0.5% equivalent value of Satoshi while you shop.
My view on this card
This initiative could be a revolutionary as anybody can have exposure in crypto by shopping with this card instead of spending in cash. As this card can be used as any other debit/credit card, parents can give this to their children loaded with pocket money. In a long run, younger generation can accumulate a sizable quantity of Satoshi without any efforts. Thus, if the price of BTC appreciate multiple times while children grow, they could end up having a good crypto asset.