FinTech group Mode Global Holdings PLC (“Mode”) has partnered with e-commerce company THG PLC (aka “The Hut Group”) to launch its Open Banking payments and Bitcoin rewards solution.

Mode offers two main products:

  • For consumers, it offers the very popular Mode app, which allows them to (1) makes it easy to buy/hold Bitcoin; (2) send Bitcoin (free to other Mode users); (3) use their GBP balance to pay for goods/services and receive cashback paid in Bitcoin on select purchases.
  • For businesses, it offers an Open Banking payments and loyalty platform that helps them to avoid high debit/credit card processing fees and to boost customer loyalty.

THG, which is also listed on the London Stock Exchange, is “a globally renowned end-to-end tech platform specialising in taking brands direct to consumers worldwide” that is powered by its propriety technology platform THG Ingenuity. 

According to a press release issued on October 12, although Mode’s integration into THG was “originally scheduled for roll-out over the course of 12 months starting from the end of Q3 2021,” this “has been heavily accelerated and Mode can now be found on all 30+ THG brands at checkout, months ahead of schedule.” Examples of THG brands include Lookfantastic, Myprotein, and The-Hut.com.

The press release went on to say that “customers will be given the opportunity to build up a holding in Bitcoin through Mode’s cardless QR code based payments method that allows shoppers to make instant payments and rewards them with Bitcoin Cashback – immediately after purchase – via the Mode app.” This solution “counters traditional loyalty and cashback programmes, which often entail rewards that are hard to withdraw or slow to redeem.”

Also, Mode has launched “a checkout feature for shoppers who do not have the app.” This “leverages Open Banking technology to allow them to also make seamless payments via their bank account, and earn instant Bitcoin Cashback at THG brands.” THG shoppers using Mode for the first time will receive 10% Bitcoin Cashback while existing customers will “receive 5% for new and repeat purchases.”

As for THG merchants, “Mode’s payments and loyalty solution can be a cheaper, safer and smarter alternative to card payments that caters to the needs of today’s digitally-native consumers, and boosts loyalty by enabling these customers to passively accrue Bitcoin over time.”

Ryan Moore, CEO of Mode, had this to say:

“We’re delighted to bring about the next generation of retail payments and loyalty, in partnership with THG’s globally renowned tech platform, THG Ingenuity. Consumers can pay via Mode, and accrue instant Bitcoin rewards which they can safely store via our trusted, FCA registered app.

“This marks a step forward in delivering on our aim to make Bitcoin accessible to all and put it in the hands of as many people as possible. Those who pay via Mode will gain passive exposure to the revolutionary store of value asset without taking on the individual risk of investing, which we anticipate will significantly widen our market to reach those who are new to Bitcoin.“

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Image Credit

Image by Gerd Altmann from Pixabay