Bitcoin rewards company GoSats has would now be offering cashback rewards through a newly-launched card to its Indian customers. The aim of this reward card is to make ways for wider mainstream adoption of digital assets in the country.
GoSats has recently collaborated with the National Payments Corporation of India (NPCI) to introduce a new card for the customers.
NPCI is a non-profit organization, which was founded in December 2008 with an aim of promoting digital payment and settlement systems around the country.
The organization is directly managed by the central bank of India, Reserve Bank of India (RBI).
The users can get access to GoSats’ reward card through a mobile application and browser extension.
The reward card could be used by the customers at major brands, like Amazon, Starbucks and Flipkart, to earn cashback in BTC.
GoSats was built on Stacks, which offers smart contracts and applications for Bitcoin. The reward card especially uses Stacks’ Clarity smart contracts and stacking, which provides a way to the users to earn BTC through STX tokens.
GoSats does not worry about rolling out its services for the customers, because of its partnership with the NPCI.
“The partnership will enable his firm to offer users bitcoin earning opportunities using NPCI’s existing card network,” said Mohammed Roshan, the CEO and Co-Founder of GoSats. “Beforehand, people could only get bitcoin cashback on specific brands through our app but now can earn cashback in bitcoin on every spend.”
GoSats is a six-month-old firm with a userbase of 15,000 customers till date. The firm accentuates the suppressed demand for digital asset services in the country.
If India’s history with cryptocurrencies is to be seen, then people will find out that it has been volatile. Till date, the country has a very uncertain policy regarding it.
A report published in July specified that the Securities and Exchange Board of India has been working with the finance ministry to regulate cryptocurrency in the country.
Meanwhile, the crypto exchanges in India have been experiencing a surge in user registration on their platform.
The Binance-owned Indian crypto exchange, WazirX, recently published a report notifying that since its launch, the exchange experienced growth of 2600 percent in the userbase.
Notably, a large portion of those sign-ups have been women from smaller cities.
Crypto credit cards and cash back rewards programs are becoming very popular around the world.
Earlier, it has been reported that Venmo, a mobile payment service owned by Paypal, developed a new program to help credit card users in buying cryptos with cashback rewards.