Ocado and Homebase, major British retailers, are said to be among 40 who 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.
The company is already in partnership with LK Bennett as well as about 30 brands belonging to The Hut Group such Zavvi. Lookfantastic. MyProtein.
Mode’s QR System will enable Ocado, Homebase and Homebase customers to pay with cardless and earn bitcoin for online orders starting April 2013.
Mode today also stated in a press release that it had partnered with Boots. But, MailOnline was denied by a spokesperson from Mode.
Mode and partner brands will jointly fund the cashback payments. Customers can expect to receive between 5 and 10% back on their purchases.

Mode, a London-based open bank company, manages the crypto rewards program.

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 is a significant step towards making Bitcoin more available to all customers, regardless of their age. It will ultimately bring Bitcoin into millions of people’s hands across the UK.
City AM reports that the company is trying to beat bigger competitors by providing a platform with lower transaction fees for merchants and an ‘instantaneous settlement.
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.
Mode customers will now be able browse cashback offers from participating retailers via the Mode App, before visiting the website of the retailer to finalize their order.
Customer will receive the bitcoin in their Mode account. They can then store it or use the Financial Conduct Authority-registered Exchange to increase their bitcoin.
Mode spokesperson said its bitcoin cashback “counters traditional loyalty or cashback programmes, that can offer rewards which are difficult to withdraw and slow to redeem, or irrelevant to customer’.
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.

Ocado online delivery firm will be included in the app beginning April next year

Mode’s new Cashback App, Homebase, is another British Company.
Mode Fintech Company is listed on London Stock Exchange. It states that its mission is to create the “world’s most disruptive ecosystem, where exchanging wealth and growing value can be seamless for all”.
John Gallemore (chief executive at The Hut Group Ingenuity) spoke last month to City AM. He said that ‘We’re constantly innovating and offering new solutions for THG Ingenuity and brand partners.
Mode’s payment solution will offer our customers additional payment options to meet their requirements and is another milestone in the platform’s development.
MailOnline reached out to Ocado and Homebase for comments today.

Mode is already a Partner of LK Bennett and she is currently working with Mode on Bitcoin Cashback

Mode said Boots was among those who signed up to its cashback program, but Boots refuted this assertion
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.
The Perth Heat, an Australian baseball team that plays in the Australian league of baseball, said this week it will pay its players bitcoin. It also accepts it as payment for tickets and food.