[ANN] Help us launch India's first Bitcoin Credit Card

[garvitgoel03]

BitPe
Introducing Bitpe Credit card: India's first-ever credit card that rewards in Bitcoin, Ethereum, and more.

You heard that right, every time you shop with this card, you will earn some bitcoin.

How does it work?
With every BitPe Cardswipe, you will get instant discounts, cashback, and points. You can redeem these rewards in Bitcoin. Imagine buying a laptop and getting Rs. 5000 worth of cashback deposited as Satoshi in your wallet!

Key Highlights

Unbeatable rewards
Earn up to 20% cashback in bitcoin on every purchase instantly.

Choose where to receive your rewards
You can withdraw your rewards as Bitcoin at any time to your private wallet. You can also keep them on the App and let them accumulate over time.

Shop Anywhere
BitPe will work at all stores that accept credit cards. This includes Branded Outlets, Amazon, Flipkart, Zomato, etc

Why have we posted this here?
To launch this product, we need help from the community to tell us what they want in this product. Make feature requests, ask us how it works, figure out loopholes, and invite friends! Ask us about India's crypto ban and regulations as well!

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

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

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[garvitgoel03]

FAQ's

Do you have a banking partnership?
Banks like any other entity are driven by profit. If we can demonstrate demand for this product in the Indian market, banks have shown interest to partner since it's additional revenue for them.

What about crypto ban in India and regulations?
Since the supreme court verdict, banks are free to partner with crypto companies.

But then, why are there no new companies in the market?
With crypto getting regulated in USA and american banks getting in, banks in India are also waking up to the opportunity. We believe they are waiting on the sidelines and watching very keenly. If they see a good opportunity, they will get in at least at small scale, and scale up as the market matures.

What do you want from us?
We want you to help us build a product that Bitcoiners like you will love, and help us prove demand. Using this, we can convince the banks to give us their credit card API's.

[hmrawal]

Wow, that's some good amount of cashback on credit card purchases. It actually seems too good to be true. Could you please explain how will you be monetized if you allow a 20% cashback in terms of rewards in bitcoin.

Also, if you wan't a good feedback/opinions/suggestions for BitPe credit card then you should consider making a survey form on google and get responses over there.


I have a few questions for you, may be you can use them for the FAQ and survey.

1. What's the minimum purchase amount to get rewards in crypto ?
2. Will you be rewarding in Satoshis based on the current market price at that moment ?
3. How much time will it take for the rewards (cryptocurrencies) to be deposited ?
4. What's the minimum withdrawal amount in crypto to get the crypto in our private wallet ?
5. Where is your company located ?
6. How many other banks have you partnered with ?
7. Do you have a website ? If yes, please share and include it in your ANN ?
8. When will the product be ready for delivery ?
9. Do we have to pay anything to get the creditcard ?
10. Does the BitPe credit card has any monthly or annual charges ?

[garvitgoel03]

Hi @hmrawal,
The kind of cashback/rewards/discounts we are offering is very similar to what you will see on many other credit cards. On select items, cashback can be as high as 20%. Head over to Zomato/Flipkart and you will see many credit card-specific offers. How we plan to make money? Well, it's simple, we charge these brands and outlets every time a BitPe cardswipe happens.


FAQ's
1. What's the minimum purchase amount to get rewards in crypto?
There is no minimum, you earn rewards no matter the amount spent.
2. Will you be rewarding in Satoshis based on the current market price at that moment?
Yes, we will also show the price at which Satoshi's were bought.
3. How much time will it take for the rewards (cryptocurrencies) to be deposited?
We want to enable instant settlement, but one must take into account Bitcoin transaction times.
4. What's the minimum withdrawal amount in crypto to get the crypto in our private wallet?
That's a good question! We will announce the optimum amount soon.
5. Where is your company located?
We are based out of Gurgaon, Golf Course Road. We welcome you to visit us anytime!
6. How many other banks have you partnered with?
We require partnership with not multiple but just one bank. That one bank will give us access to MasterCard/VISA network.
7. Do you have a website? If yes, please share and include it in your ANN?
Our website will be announced very soon on this ANN thread only
8. When will the product be ready for delivery?
We will announce our roadmap on this thread soon
9. Do we have to pay anything to get the credit card?
Never! It's completely free!
10. Does the BitPe credit card has any monthly or annual charges?
There are none, and there never will be!

Also, stay tuned for a feedback form to be provided here.

[amishmanish]

Thanks for the ANN thread. The 20% cashback is similar to purse.io and this is something the community should be pretty excited to have. There is a concept in the BTC world that everytime you use BTC to buy something, you also buy the same amount of bitcoin. This is to ensure that your BTC stash doesn't go low. I would love something that gives me an option to spend BTC but we don't have many of those in India. Purse.io doesn't seem to work very well.

In festival season, a young, middle class family can spend 20-30K on shopping for clothes, decor etc for home. If i can get a 20% cashback in form of BTC for these spends, then it is a good deal to have. Looking forward to a website and details on getting that card.

@hmrawal, Glad to find a newbie whose first question is in Development section and the other on a real product aimed at Indian market. We need more of you guys in here at the Indian sub. Welcome to the forum and hope to see more engagement from you. Its the Diwali weekend and most people will be out lighting crackers and Diyas. Happy Diwali to you all.

[garvitgoel03]

Hi guys,
You can check out the story of our team and how we got into crypto here - https://bitpecard.wordpress.com/mystory/
If you want to understand why we are launching this and our vision, go here - https://bitpecard.wordpress.com/ourvision/

[gullu]

Hi guys,
You can check out the story of our team and how we got into crypto here - https://bitpecard.wordpress.com/mystory/
If you want to understand why we are launching this and our vision, go here - https://bitpecard.wordpress.com/ourvision/

Just a small suggestion, instead of using a free domain or subdomain please buy a domain and put up your idea there. It will make readers understand that you are serious about the project and will get support from the community. Your idea is really good. Do you have any tie up with Indian bank for launching this project?

[garvitgoel03]

Yes, we have been debating on the name of the product internally and will be finalizing the domain very soon. We didn't want to delay putting out the vision document though.
We are in talks with Banks and Credit Card API's providers for a banking partnership. We will provide updates on this thread soon.
We are glad that you like the idea, and would love to take your suggestions!

[libert19]

Quite excited but 20% seems to good to be true plus what gonna sustain the project?

[garvitgoel03]

Hi guys,
We recently came across two articles published in December 2020. Sharing them here.

Business Standard - As Bitcoin Rally Roars Indian Banks look to Cash in on opportunities
https://www.business-standard.com/article/finance/as-bitcoin-rally-roars-indian-banks-look-to-cash-in-on-opportunities-120121600037_1.html

Economic Times - Indians Banks rush to join Bitcoin Party
https://economictimes.indiatimes.com/markets/stocks/news/indian-banks-rush-to-join-bitcoin-party/articleshow/79672306.cms

[garvitgoel03]

Update
We are now live on our own domain at bitapp.in . We have also finally received access to baking API's. We can now do upi payments and issue credit/debit cards. Banking partner to be disclosed later.
There are two possible directions from here -
First, we could issue a normal credit card, which spends fiat INR from your regular bank account. This would then pay cashback and reward points in bitcoin.
Second, we could launch a debit card that allows you to spend your bitcoin/ethereum from your private wallets. This will require using Lighting Network to keep fees low. Overall, we expect the total cost of transaction to remain less than 0.5% including trading fees, trade spread, and lighting network fees.

Let us know your feedback.

[allahabadi]

Update
We are now live on our own domain at bitapp.in . We have also finally received access to baking API's. We can now do upi payments and issue credit/debit cards. Banking partner to be disclosed later.
There are two possible directions from here -
First, we could issue a normal credit card, which spends fiat INR from your regular bank account. This would then pay cashback and reward points in bitcoin.
Second, we could launch a debit card that allows you to spend your bitcoin/ethereum from your private wallets. This will require using Lighting Network to keep fees low. Overall, we expect the total cost of transaction to remain less than 0.5% including trading fees, trade spread, and lighting network fees.

Let us know your feedback.

I would love to go with the first one, cause I love stacking sats...

Also on a side note, BTCT hasn't has been getting much traffic lately(or for that matter ever) to push projects on forefront in India, better also promote this project in reputed TG groups such as Blockchained India and CCI, maybe they can help in promotions too...

[libert19]

Update
We are now live on our own domain at bitapp.in . We have also finally received access to baking API's. We can now do upi payments and issue credit/debit cards. Banking partner to be disclosed later.
There are two possible directions from here -
First, we could issue a normal credit card, which spends fiat INR from your regular bank account. This would then pay cashback and reward points in bitcoin.
Second, we could launch a debit card that allows you to spend your bitcoin/ethereum from your private wallets. This will require using Lighting Network to keep fees low. Overall, we expect the total cost of transaction to remain less than 0.5% including trading fees, trade spread, and lighting network fees.

Let us know your feedback.

How about availing both options and let people decide? And the site just redirects to story, expected more