Help us launch India's first Bitcoin Credit Card

[garvitgoel03]

Dear Bitcoiners from India,
We want to launch a credit card that earns rewards points in bitcoin. You heard that right, every time you shop with this credit card, you will earn some bitcoin. It's true that banks in India are reluctant to partner with bitcoin companies. However, they are open to a credit card product since it earns them revenue.

Guys, we need help from the community to tell us what they would like to see in this product. Make feature requests, ask us how it works, figure out the loopholes, ask for referrals, and invite friends! Tell us how we can improve to help us build the best possible product. Post all your questions about how this credit card works.

Show your interest by replying to this post, and we will reach out to you!

We are excited to have you as part of this journey.

Garvit
BitPe Card

[1715163344]

1715163344

[1715163344]

1715163344

[pakhitheboss]

Hi Gravit,

It would be great if you can create an ANN on this Indian board about your product. It will help the Indian community to understand your product better.

I still did not understand what do you mean by Rewards points in Bitcoin, is it like a cashback or you meant to say that with a certain number of reward points you earn a certain number of satoshi.

What banks are involved in this project or is it still in its initial days?

Please be more specific about your product and that is why I asked you, in the beginning, to create an ANN on this board.

[pawanjain]

I still did not understand what do you mean by Rewards points in Bitcoin, is it like a cashback or you meant to say that with a certain number of reward points you earn a certain number of satoshi.

I think OP means that instead of giving reward points they will be giving bitcoins to their users or may be tag the reward points to bitcoins.
For example 1 Reward point = 1000 Satoshis

But there are many constraints to such type of credit cards.

1. The user will have to give their KYC details since it's a credit card facility.
2. It would be better to give the USER an option to choose if they want bitcoins as reward points or any other cryptocurrency or directly purchase something from their inbuilt online store as many other banks have.
3. It would be a very bad idea if you are holding the private key of the user. Instead integrate an option to withdraw the amount of bitcoins to user's public address.
May be you can implement a minimum withdrawal limit of some Satoshis. This way the user will be bound to shop extra from their credit card for the withdrawal.
Obviously making the withdrawal limit too high will lead you to a loss since nobody will encourage that. You must be wise enough to decide an optimum limit.

As @pakhitheboss said, it is a MUST to create an ANN thread. You can't simply ask people for opinions without actually telling us what it is all about.
It will just lead to more confusion if you don't create an ANN thread. You can find how ANN threads look in the below board

https://bitcointalk.org/index.php?board=197.0

[avikz]

Dear Bitcoiners from India,
We want to launch a credit card that earns rewards points in bitcoin. You heard that right, every time you shop with this credit card, you will earn some bitcoin. It's true that banks in India are reluctant to partner with bitcoin companies. However, they are open to a credit card product since it earns them revenue.

Guys, we need help from the community to tell us what they would like to see in this product. Make feature requests, ask us how it works, figure out the loopholes, ask for referrals, and invite friends! Tell us how we can improve to help us build the best possible product. Post all your questions about how this credit card works.

Show your interest by replying to this post, and we will reach out to you!

We are excited to have you as part of this journey.

Garvit
BitPe Card

So you are saying that users will be earning reward points in bitcoin if they use the credit card that you are planning to bring in India. Doesn't really look tempting to me because if I compare the amount with existing credit card loyalty bonus, then an average user will be able to manage few hundred satoshis after one year of usage.

Rather, try to bring in crypto debit card in India. It will save us from the hasle of converting money through exchange or p2p trading and transfer to our bank accounts. Think about it please!

[amishmanish]

Dear Bitcoiners from India,
We want to launch a credit card that earns rewards points in bitcoin. You heard that right, every time you shop with this credit card, you will earn some bitcoin. It's true that banks in India are reluctant to partner with bitcoin companies. However, they are open to a credit card product since it earns them revenue.

Guys, we need help from the community to tell us what they would like to see in this product. Make feature requests, ask us how it works, figure out the loopholes, ask for referrals, and invite friends! Tell us how we can improve to help us build the best possible product. Post all your questions about how this credit card works.

Show your interest by replying to this post, and we will reach out to you!

We are excited to have you as part of this journey.

Garvit
BitPe Card

Hello Garvit. Thanks for reaching out to bitcointalk. IMO, This is a great idea. From what i understand, the credit card will be like a normal fiat card but the cashback will be in bitcoin. It can be a great way for increasing the familiarity with bitcoin as well as gaining a customer base for bitcoin-centric projects. The possibilities ae huge. Would be glad to discuss over PM.

If it launches, I for one will be buying one and will be ready to be a loyal customer. You will need a lot of promotion to get people onboard. I would also say that rather than starting huge and aiming the plebs, you should keep this as a niche product in the beginning aimed at people adept at using bitcoin and crypto in general. If you just ask a normal Indian fellow Pajeet to take bitcoin, he will either runaway citing fear of illegality or he will start asking you for freebies and to 10X his money..LOL..So i think its better to be a bit geek-elite in your approach. You could use referrals from people like us to onboard more users. Once you have a dedicated community, expansion would be a matter of marketing and promotion to the general public.

Rather, try to bring in crypto debit card in India. It will save us from the hasle of converting money through exchange or p2p trading and transfer to our bank accounts. Think about it please!

The idea of a debit card that you load with BTC and can then spend fiat with is good too. I just feel that none of these products will have the scale of usage necessary for the involved partners including banks, legal teams etc etc. Do you think there are enough people who can use such a product?? Would the turnover and fees justify the product??

[garvitgoel03]

Hi Bitcoiners,

Thanks for this feedback! I have started this as an ANN thread as requested. Access it here - https://bitcointalk.org/index.php?topic=5288739.new#new Please head over there and keep your feedback coming!

But there are many constraints to such type of credit cards.

1. Yes sure, KYC is required by regulations and is a great way to prevent bad actors. Rest assured, with KYC we are not getting any info on your exchange accounts or wallet holdings.
2/3. User will be able to choose which crypto-currency they want to withdraw in, and they can decide whether to keep it on the app or withdraw to their private wallet.

Rather, try to bring in crypto debit card in India. It will save us from the hasle of converting money through exchange or p2p trading and transfer to our bank accounts. Think about it please!

Debit cards a great product for existing crypto holders, who want it to be easier to spend their crypto. While a debit card allows you to spend crypto, a credit card allows you to earn it. BitPe is designed to help people get off zero crypto. It gives you free crypto to get in the game. For exiting crypto holders, it a great way to earn more crypto and increase your holdings! Points raised by @amishmanish are true as well. Let me DM you for this!

If it launches, I for one will be buying one and will be ready to be a loyal customer. You will need a lot of promotion to get people onboard. I would also say that rather than starting huge and aiming the plebs, you should keep this as a niche product in the beginning...You could use referrals from people like us to onboard more users. Once you have a dedicated community, expansion would be a matter of marketing and promotion to the general public.

Many thanks for the warm reply @amishmanish. Let me DM you to discuss this further. Regarding your marketing strategy, I could not agree more. We plan to launch a waitlist very soon.

Thanks guys! Please head over to ANN thread for more. Wait for my DM!
Best,
Garvit