It has been reported that the new product is being introduced in partnership with the National Payments Corporation of India (NPCI), which is a not-for-profit organization dedicated to promoting digital payments and settlement systems across the country.
However, the organization was founded in December 2008 and is under direct ownership of the Reserve Bank of India (RBI).
The report said that the GoSats rewards card, which is 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.
GoSats was built on Stacks, which provides smart contracts and apps for Bitcoin. Namely, the rewards card utilizes Stacks' Clarity smart contracts and "stacking," which provides users with a way to earn BTC through the STX token. The NPCI partnership suggests that GoSats is looking to avoid any regulatory hurdles in rolling out its services.
Mohammed Roshan, the CEO and co-founder of GoSats, said:
"The partnership will enable his firm to offer users bitcoin earning opportunities using NPCI’s existing card network. Beforehand, people could only get bitcoin cashback on specific brands through our app but now can earn cashback in bitcoin on every spend."
Likewise, launched in February 2021, 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 cryptocurrencies has been volatile, to say the least. Policymakers appeared to be on the verge of banning crypto altogether, but have since softened their stance.
In July, the Securities and Exchange Board of India is said to be working with the finance ministry to oversee crypto regulations in the country. In the meantime, foot traffic to cryptocurrency exchanges has grown rapidly.
WazirX, a Binance-owned cryptocurrency exchange operating in India, has reported over 2,600% user growth since inception.
Thus, a large portion of those signups has been women from smaller cities. Crypto credit cards and cashback reward programs are growing in popularity as digital assets continue to permeate the mainstream.