Bitcoin rewards company GoSats has launched a cash back rewards card for customers in India, setting the stage for broader mainstream adoption of digital assets in the world’s second-most populated country.
It is being introduced in partnership with the National Payments Corporation of India, which is a not-for-profit organisation dedicated to promoting digital payments and settlement systems across the India.
GoSats rewards card, 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 rewards card utilizes Stacks’ Clarity smart contracts and “stacking,” which provides users with a way to earn BTC through the STX token.
The partnership with NPCI suggests that GoSats is looking to avoid any regulatory hurdles in rolling out its services. Mohammed Roshan, GoSats’ CEO and co-founder, said :
“Beforehand, people could only get bitcoin cashback on specific brands through our app but now can earn cashback in bitcoin on every spend.”
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 crypto currencies has been volatile and policymakers seemed to have been on the verge of banning crypto altogether until now. The Securities and Exchange Board of India is said to be working with the finance ministry to oversee crypto regulations in the country.
Crypto credit cards and cash back reward programs are steadily growing in popularity as digital assets continue to permeate the mainstream. PayPal’s Venmo has created a new program that allows credit card users to automatically purchase crypto with cash back rewards.
