Users will be able to receive income paid in BTC from all the rewards that they have accumulated through the application.
Bitcoin ( BTC) rewards company GoSats has launched a new cashback rewards card for customers in India, potentially setting the stage for wider mass adoption of digital assets in the world's second most populous country.
The new product is being implemented in partnership with the National Payment Corporation of India, also known as NPCI, a non-profit organization dedicated to promoting digital payments and settlement systems throughout the country. The organization was founded in December 2008 and is directly owned by the Reserve Bank of India.
The GoSats reward card, available through a mobile application and a browser extension, allows users to receive cashback in BTC when making purchases at major brands such as Amazon, Starbucks and Flipkart.
The partnership with NPCI suggests that GoSats seeks to avoid any regulatory obstacles when deploying its services. Mohammed Roshan, CEO and co-founder of GoSats, said that the partnership will allow his firm to "offer bitcoin earning opportunities to users using the existing NPCI card network," adding:
"Previously, people could only get Bitcoin cashback for certain brands through our app, but now they can get Bitcoin cashback for every spend."
Launched in February 2021, GoSats has attracted more than 15,000 customers in just six months, highlighting the pent-up demand for digital asset services in the country. India's history with cryptocurrencies was, to put it mildly, unstable. It seems that politicians were on the verge of completely banning cryptocurrencies, but have since softened their position. In July, the Securities and Exchange Board of India is reportedly working with the Ministry of Finance to oversee cryptocurrency regulation in the country .
Meanwhile, the attendance of cryptocurrency exchanges is growing rapidly. WazirX, a cryptocurrency exchange owned by Binance and operating in India, has reported an increase in the number of users by more than 2,600% since its creation. Most of these participants were women from small towns.
Crypto-credit cards and cashback reward programs are becoming increasingly popular as digital assets continue to penetrate the mainstream. Venmo from PayPal has created a new program that allows credit card users to automatically buy cryptocurrency with a cashback reward.