28.11.2021

Residents of India can now receive cashback in bitcoin when paying for purchases

Bitcoin reward company (BTC) GoSats has launched a new cashback card for customers in India, laying the groundwork for the massive adoption of digital assets in the world’s second most populous country.

The new product is being rolled out in partnership with the National Payments Corporation of India, a non-profit organization that promotes digital payments and settlement systems across the country. The company was founded in December 2008 and is directly owned by the Reserve Bank of India.

Available through a mobile app and browser extension, the GoSats Card allows users to earn cashback in BTC when shopping at major stores such as Amazon, Starbucks and Flipkart.

The partnership with the National Payments Corporation of India suggests that GoSats is committed to avoiding any regulatory hurdles in deploying its services. GoSats CEO and co-founder Mohammed Roshan said the partnership would allow his firm to “pay out bitcoin to users using the partner’s existing card network.”

“Previously, people could only get cashback in bitcoins through our app for certain brands, but now they can get it for every purchase.”

In the six months since its launch in February 2021, GoSats has attracted over 15,000 customers, underlining the demand for digital assets in the country. India’s relationship with cryptocurrencies is volatile to say the least. At some point, the country was on the verge of a complete ban on cryptocurrency, but then politicians softened their position.

The Securities and Exchange Commission of India is currently working with the Treasury Department to develop legislation to regulate cryptocurrencies.

Meanwhile, the attendance of cryptocurrency exchanges is growing rapidly. The trading platform WazirX, owned by the largest crypto exchange Binance and operating in India, has reported more than 2,600% growth in users since its inception. Most of these participants were women from small towns.

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