Homebase, one of the major British retailers, is said to be among forty retailers that will offer online shoppers bitcoin cashback.
Britons will have the opportunity to redeem crypto rewards through a QR-code-based system at their checkout. It is being operated by Mode, a London-based open bank firm.
Already, the fintech company has partnerships with LK Bennett, and around 30 brands that are part of The Hut Group, including Zavvi and Lookfantastic as well as MyProtein, ESPA, and MyProtein.
Mode’s QR-based system allows Homebase customers to pay with their cardless and receive bitcoin for online orders starting April 2013.
Mode claimed that Boots and Ocado were also partners in this press release. However, spokespersons for Ocado and Boots later denied involvement with the project to MailOnline. Homebase has been contacted.
Mode and the retailers reached an agreement through Awin, a worldwide affiliate marketing network that represents several major brands.
Mode and partner brands will jointly fund the cashback payments. Customers can expect to receive between 5 and 10% back on their purchases.
Mode is a London-based, open banking firm that operates the cryptocurrency rewards scheme.
On the Mode app, customers will have access to cashback deals at participating merchants.
Bitcoin, which is the world’s biggest cryptocurrency, is hovering around the level of $60,000 (£45,000) at the moment, having more than doubled its value since the start of this year
Ryan Moore, Mode’s chief executive officer, said that today’s development represented a major step toward making this asset class more available to all consumers.
MailOnline was informed by him that he is delighted to announce the creation of the Bitcoin Cashback product as an independent product. This follows the phenomenal response we received from customers and the growing interest in the cryptocurrency.
“This represents a huge step forward in making Bitcoin easier to access for all age groups, eventually bringing Bitcoin into the hands and pockets of many millions across the UK.
City AM reported that the firm also aims to compete with larger rivals by offering a platform for lower transaction fees and instant settlements for merchants.
Mode’s shares rose yesterday by 12.5 percent ahead of this morning’s announcement, but it has declined by 22.3% compared with its October 2020 initial offer price.
The Mode app will allow customers to view cashback deals at selected retailers, and then go to the retailer’s site to make their purchases.
The customer will get the bitcoin credited to their Mode account. From there they have the option to store or use the Financial Conduct Authority registered exchange to grow their bitcoin.
Mode’s spokesperson stated that the bitcoin cashback is a counter to traditional loyalty and cashback programs, which may offer rewards that can be difficult to withdraw, slow or not relevant to customers.
According to the company, it is transforming legacy reward schemes by giving customers the ability to invest in bitcoin in the UK.
The expansion of the program is the next phase in the company’s strategy to “develop a next generation loyalty scheme that offers relevant rewards with genuine value to consumers”.
The program will also allow retailers to improve loyalty among higher value customers, according to the company.
Mode’s new Cashback App, Homebase, is another British Company.
Mode already has LK Bennett as a partner and he is now working with Mode to offer bitcoin cashback
Mode, a fintech company that is listed on London Stock Exchange, states it has ‘a mission to create the most disruptive ecosystem in the world where exchanging wealth and growing value is seamless for everyone’.
John Gallemore was the chief executive officer of The Hut Group Ingenuity.
Mode’s payment solution will offer our customers additional payment options to meet their requirements and is another milestone in the platform’s development.
Ocado, an online delivery company, was rumored to have been involved in the app. However MailOnline denied it.
Mode stated that Boots had signed up for the cashback app. Boots, however, denied it.
Bitcoin, the world’s biggest cryptocurrency, is hovering around the level of $60,000 (£45,000), having more than doubled its value since the start of this year.
Cryptocurrencies have swelled in total value to more than $2.6trillion (£1.9trillion), putting them on par with the world’s most valuable stock, Microsoft.
Bitcoin reached a record $69,000 (£51,000) last Wednesday – and such fast growth is drawing in more investors, as well as gaining the attention of global regulators.
In a statement this week, Perth Heat announced that they would pay their players in Bitcoin and use it to purchase tickets and food. They believe it’s the future of money.