GoSats, a Bitcoin (BTC) rewards company, has launched a new cashback rewards card for customers in India, potentially paving the way for more widespread mainstream adoption of digital assets in the world’s second-most populous country.
The new product is being launched in collaboration with the National Payments Corporation of India, or NPCI, a non-profit organization dedicated to promoting digital payments and settlement systems throughout the country. The Reserve Bank of India owns 100% of the organization, which was founded in December 2008.
The GoSats rewards card, available via mobile app and browser extension, allows users to earn cashback in BTC when shopping at major brands such as Amazon, Starbucks, and Flipkart.
The NPCI partnership suggests that GoSats is attempting to avoid any regulatory stumbling blocks when launching its services. According to Mohammed Roshan, GoSats’ CEO and co-founder, the partnership will allow his company to “offer users bitcoin earning opportunities using NPCI’s existing card network.”
“Previously, people could only get bitcoin cashback on specific brands through our app, but now they can earn bitcoin cashback on every purchase.”
GoSats, which launched in February 2021, has amassed over 15,000 customers in just six months, demonstrating the country’s pent-up demand for digital asset services. To say the least, India’s experience with cryptocurrencies has been turbulent. Policymakers appeared to be on the verge of outlawing cryptocurrency entirely, but they have since softened their stance. According to a July report by Cointelegraph, the Securities and Exchange Board of India is collaborating with the finance ministry to oversee crypto regulations in the country.
Meanwhile, foot traffic to cryptocurrency exchanges has increased dramatically. WazirX, a Binance-owned cryptocurrency exchange based in India, has seen a 2,600 percent increase in user growth since its inception. Women from smaller cities have made up a sizable portion of those who have signed up.
As digital assets continue to permeate the mainstream, cryptocurrency credit cards and cashback reward programs are becoming increasingly popular. PayPal’s Venmo has developed a new program that allows credit card users to automatically purchase cryptocurrency with cashback rewards.