Bitcoin (BTC) rewards company GoSats has launched a new cash back rewards card for customers in India, which could set the stage for a wider mainstream adoption of digital assets in the second most populous country in the world.
The new product is introduced in partnership with the National Payments Corporation of India, also known as NPCI, which is a non-profit organization dedicated to promoting digital payments and settlement systems across the country. The organization was founded in December 2008 and is directly owned by the Reserve Bank of India.
The GoSats Rewards Card, which can be accessed through the mobile app and browser extension, allows users to get a refund paid in BTC while shopping from major brands such as Amazon, Starbucks, and Flipkart.
The NPCI association suggests that GoSats seeks to avoid regulatory hurdles in the deployment of its services. Mohammed Roshan, CEO and co-founder of GoSats, said the partnership will allow his company to “offer users opportunities to earn bitcoins using NPCI’s existing card network,” adding:
“Beforehand, people could only get a bitcoin refund on specific brands through our app, but now they can get a bitcoin refund on every expense.”
Launched in February 2021, GoSats has amassed more than 15,000 customers in just six months, underscoring the pent-up demand for digital asset services in the country. India’s history with cryptocurrencies has been volatile, to say the least. Lawmakers appeared to be on the verge of banning cryptocurrencies entirely, but have since softened their stance. As Cointelegraph reported in July, the Securities and Exchange Board of India is said to be working with the finance ministry to oversee cryptocurrency regulations in the country.
Meanwhile, foot traffic to crypto exchanges has grown rapidly. WazirX, a Binance-owned cryptocurrency exchange operating in India, has reported user growth of more than 2,600% since its inception. A large part of those registrations have been women from smaller cities.
Crypto credit cards and cash back rewards programs are gaining popularity as digital assets continue to permeate the traditional world. As Cointelegraph recently reported, PayPal’s Venmo has created a new program that allows credit card users to buy cryptocurrencies automatically with cash rewards.