GoSats is a company that specializes in Bitcoin (BTC) rewards. This has now launched a new cashback reward card in India and that could lead to wider adoption of digital assets in the country.
The new product will be launched in collaboration with the National Payments Corporation of India (NPCI). The NPCI is a non-profit organization that works to promote digital payment and processing systems. The organization was founded in December 2008 and is owned by the Central Bank of India.
With the GoSats reward card, which can be operated via a mobile app and a browser extension, users can receive cashback when they shop at Amazon, Starbucks and Flipkart. GoStats was built on stacks that offer smart contracts and applications for Bitcoin. The reward card uses the Clarity Smart Contracts from Stacks and the “stacking”. This allows users to earn BTC with the STX token.
The fact that GoSats has partnered with NPCI suggests that the platform wants to avoid regulatory hurdles when launching its services. Mohammed Roshan, the CEO and co-founder of GoSats, said the partnership would allow his company “to offer users the opportunity to earn bitcoin through NPCI’s existing card network”. He added:
“Before you could only get bitcoin cashback for certain brands through our app. But now you can earn cashback in bitcoin with every purchase.”
GoSats was founded in February 2021 and has gained over 15,000 customers in just six months. This underlines the great demand for digital wealth services in the country. The past between India and cryptocurrencies has been volatile to say the least. The political decision-makers wanted to ban cryptocurrencies altogether. In the meantime, however, they have rowed back again. As Cointelegraph reported in July, the Indian Securities and Exchange Commission is working with the Treasury Department on crypto regulation in the country.
Meanwhile, the number of visitors to Kypto currency exchanges has increased significantly. WazirX, a cryptocurrency exchange owned by Binance and operating in India, has seen user growth of over 2,600 percent since its inception. Many of these registrations were women from smaller towns.
In this context: New unicorn: Indian crypto exchange raises $ 90 million in financing round
Crypto credit cards and cashback rewards are growing in popularity as digital assets become more mass-marketed. As Cointelegraph recently reported, Venmo has set up a new program that allows credit card users to automatically purchase crypto with cashback rewards.