Mode, a UK-based fintech company, has launched Open Banking-powered QR Payments service and bitcoin rewards solution in partnership with The Hut Group’s technology platform.
Mode’s integration in The Hut Group (THG), was initially scheduled to take 12 months, beginning at the end of Q3 2021. However, the fintech company stated it had been “heavily expedited” and Mode is now available on all 30+ THG brands at checkout, months ahead schedule including Myprotein, Lookfantastic and The-Hut.com.
Customers in the UK will be able to pay with bitcoin and not use their cards through Mode’s QR code-based payment method. This allows them to instantly make payments and receive Bitcoin Cashback.
Mode explains that this solution is a counter to traditional loyalty and cashback programs, which can often result in rewards that are difficult to withdraw or slow redeem.
Mode is a UK-first-of-its kind. Mode also offers a checkout option for customers who don’t have the app. This uses Open Banking technology to enable them to make seamless payments through their bank accounts and receive instant Bitcoin Cashback from THG brands.
Mode customers who are new to Mode will get 10 percent Bitcoin Cashback, while existing customers will get 5 percent for repeat and new purchases.
THG now offers mode payments and bitcoin rewards
Although QR payments have been the norm in China for many years, they are still not able to compete with legacy card systems in the UK. Mode says that QR payments have been made mainstream in the UK and merchants now pay 0.5 percent transaction fees, as opposed to 1.3-2% interchange fees charged by major card companies. THG merchants also have an alternative to card payments, which Mode says is “cheaper and safer than card payments” and caters to today’s digitally-native customers.
Ryan Moore, Mode’s chief executive, stated in a statement that “We are delighted to bring about a new generation of retail payments, loyalty, and in partnership with THG Ingenuity, a globally renowned tech platform. Customers can pay with Mode and receive instant Bitcoin rewards. They can store their Bitcoins in our safe, FCA-registered app.”
“This is a significant step towards delivering our goal to make Bitcoin available to all and get it into the hands of as many people possible,” said Mode. Mode users will have passive exposure to this revolutionary store of value without the need to invest. This will allow them to expand their market and reach new customers.
John Gallemore is chief executive officer of THG Incenity. He added that “We are constantly innovating, providing new solutions for THG brands and THG partners. Mode’s payment solution will offer our customers additional payment options to meet their needs. It is an important step in the platform’s evolution.”
