GoSats, an Indian Bitcoin rewards app, has launched a new cashback card that can enable Indians to earn as much as 100% of their spending in Bitcoin and provide an opportunity to win one full Bitcoin on each spend, GoSats introduced in a tweet.
The GoSats prepaid RuPay debit cards can be launched in two variants — a premium gold card and an intro card. Each card provides a chance to win one Bitcoin, worth around US$47,694 as of publishing time, each time the card is used to purchase one thing. The intro card presents as much as 25% Bitcoin cashback whereas the gold card offers 100% Bitcoin cashback.
The new product is being launched in partnership with the National Payments Corporation of India, a non-profit group owned by the country’s central bank and Indian Banks’ Affiliation. The NPCI launched RuPay cards in India, much like Visa and Mastercard, however, geared for the Indian market. NPCI is, due to this fact, offering the cardboard know-how for GoSats’s new product, however isn’t related to the Bitcoin rewards program.
NPCI’s involvement on this Bitcoin rewards card raises questions on whether or not its proprietor, India’s central bank, the Reserve Bank of India, nonetheless holds expensive its earlier stance that the nation ought to ban cryptocurrencies. The RBI is presently planning to launch its own central bank digital currency, however little progress has been made up to now.
GoSats was launched earlier this 12 months and presently has over 15,000 clients. The startup was constructed on Stacks, an open community for good contracts and decentralized apps for Bitcoin. GoSats reward playing cards use Stacks’ Readability good contracts and “stacking,” the place customers lock their STX tokens on the community to assist safety and consensus and in flip earn Bitcoin transferred by miners as a part of “proof of switch.” GoSats plans to launch 5,000 playing cards within the first batch and is planning to launch a gamified reward system on its app.
The GoSats cards can be accessible by way of the GoSats mobile app and browser extension. People in India can use the cards to spend rupees at major retailers, together with Amazon, Flipkart, Myntra and Starbucks.
Although the country’s authorities stay undecided on the way forward for crypto, Indian firms are taking strides in direction of fuelling greater adoption. Last week, Indian crypto exchange Unocoin launched a new feature that permits users to buy gift vouchers from over 90 major brands throughout meals, life-style, journey, equipment and different sectors.