GoSats Unveils Bitcoin Cashback Card in India
GoSats, firm offering Bitcoin (BTC) as rewards, has unveiled a novel cashback rewards card for users in India, possibly paving the way for more widespread public acceptance of cryptocurrencies in the world’s second-most populous nation. The latest program is being launched in collaboration with the National Payments Corporation of India (NPCI), a non-profit organization committed to developing digital payments and settlement platforms for implementation across the country.
The Reserve Bank of India (RBI) owns 100% of the corporation, which was established in December 2008. The GoSats loyalty card, available via mobile app and browser plugin, permits consumers to receive cashback in BTC while purchasing at big companies such as Amazon, Starbucks, and Flipkart.
GoStats is centered on Stacks, which offers Bitcoin smart contracts and applications. The rewards card, in particular, employs Stacks’ Clarity smart contracts and “stacking,” which allows consumers to get rewarded in BTC via the STX token. The NPCI collaboration indicates that GoSats is attempting to prevent any legal stumbling blocks when launching its solutions.
According to Mohammed Roshan, GoSats’ CEO and co-founder, the strategy has allowed his company to “offer users potential to accrue Bitcoin utilizing NPCI’s prevailing card network,” adding, “Previously, people had the opportunity to get rewarded in Bitcoily onn on particular brands via our app, but now they can receive bitcoin cashback on every spend.”
GoSats, which was unveiled in February 2021, has amassed over 15,000 clients in a matter of just six months, demonstrating the country’s rise in demand for crypto currency services. Admittedly, India’s experience with cryptocurrencies has been turbulent. Policymakers seemed to be on the brink of outlawing cryptocurrency entirely, but they have subsequently modified their position. Notably, the Securities and Exchange Board of India is collaborating with the finance ministry to monitor cryptocurrency laws in the nation.
Meanwhile, foot traffic to Bitcoin exchanges has increased dramatically. WazirX, a Binance-operated cryptocurrency exchange based in India, has seen a 2,600% increase in client growth since its start. Women from suburban areas have made up a significant percentage of those who have signed up.
As virtual currencies continue to penetrate the society, cryptocurrency credit cards and payback incentive schemes are becoming more popular. For instance, PayPal’s Venmo has developed a new service that enables credit card users to automatically buy cryptocurrency with cashback incentives.