• Mode collaborates with THG Brands to provide Bitcoin cashback rewards to UK customers

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

    Mode sells two main items:

    It provides the popular Mode app to consumers, which allows them to (1) buy/hold Bitcoin easily; (2) send Bitcoin (free to other Mode users); and (3) use their GBP balance to pay for goods/services and receive cashback paid in Bitcoin on select purchases. It provides an Open Banking payments and loyalty platform for businesses, allowing them to avoid high debit/credit card processing fees while also increasing customer loyalty.

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

    According to a press release issued on October 12, while Mode’s integration into THG was “originally scheduled for a 12-month roll-out beginning at 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.” Lookfantastic, Myprotein, and The-Hut.com are examples of THG brands.

    According to the press release, “customers will be able to build up a holding in Bitcoin through Mode’s cardless QR code based payments method, which allows shoppers to make instant payments and rewards them with Bitcoin Cashback – immediately after purchase – via the Mode app.” This solution “opposes traditional loyalty and cashback programs, which frequently include rewards that are difficult to withdraw or take a long time to redeem.”

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

    “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,” according to THG merchants.

    According to Ryan Moore, CEO of Mode:

    “We’re thrilled to be working with THG’s globally renowned tech platform, THG Ingenuity, to usher in the next generation of retail payments and loyalty.” Customers can use Mode to pay and earn instant Bitcoin rewards, which they can safely store using our trusted, FCA-registered app.

    “This is a significant step toward our goal of making Bitcoin accessible to all and putting it in the hands of as many people as possible.” Those who pay with Mode will gain passive exposure to the revolutionary store of value asset without the individual risk of investing, which we anticipate will significantly broaden our market to reach those who are new to Bitcoin.”

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