Some of the best-known brands in the country are planning to give online shoppers a bitcoin cashback.
Boots, Ocado and Homebase are among more than 40 retailers that today announced their intention to roll out a crypto rewards program powered by listed fintech mode in London. Millions of UK customers will be able to use Mode’s QR code-based system at checkout to make cardless payments online and accumulate Bitcoin with every purchase.
Fashion CEO Ryan Moore commented on the partnerships. “This marks a major step in making the asset class more accessible to consumers of all demographics, ultimately putting Bitcoin in the hands of millions of customers across the UK,” he said.
The crypto loyalty program is expected to launch in 2022, with cash refunds to be jointly funded by the open banking platform Mode and its partner brands. The amount of cash back rewards that customers receive under the new programs should be in line with Mode’s existing loyalty programs with THG and LK Bennett, which allow customers to receive between five and ten percent cash back on their products. purchases.
Read more: LK Bennett to Offer Crypto Cash Back to Customers
In comments to City, AM Moore said he hoped the reward programs would make crypto more accessible. “What we’re really trying to do is provide a lower risk entry point to crypto by giving clients the ability to passively earn Bitcoin without taking the individual risk of investing,” he said. he explains.
This announcement comes amid growing interest in open banking solutions. Under foreclosure, British banks have lost their way to fintechs and challenger banks who offer their customers competitive rates and fees. In addition to offering cash back rewards to customers, Mode’s open banking payment platform offers lower transaction fees and instant settlement to merchants.
“People are looking for new ways to increase their wealth and take control of their finances,” commented Moore. “We think Bitcoin is the best way to do it.”
Yesterday, Mode’s share price jumped 12.54% before the announcement. However, the company is struggling with losses in the medium term with shares down 22.35% from their original offering price in October 2020.
Read more: UK Fintech Mode Deploys Bitcoin Cashback Reward Program