The Hut Group is set to integrate blockchain payment giant Mode’s technology into over 30 of its brands offering Bitcoin cashback rewards.
THG, which owns major direct-to-consumer brands including Myprotein and Lookfantastic, will begin accepting payments via Mode’s platform in the third quarter of this year.
Fintech giant Mode, which enables users to purchase Bitcoin and pay for items using QR codes on their smartphones, says that its alternative to card payments is cheaper, safer and smarter for both retailers and shoppers.
Over the next 12 months, customers shopping with over 30 of THG’s online-only brands will be able to make instant purchases by simply scanning a QR code and clicking “Pay with Mode”.
Their payment will then be processed instantly via the app using their GBP funds, seeing payments authorised in real time through biometric security.
Customer will also be rewarded in Bitcoin via a cashback scheme, allowing those looking to own cryptocurrencies enter the space without the risk of investing.
“Partnering with THG marks a major milestone for Mode,” Mode’s chief executive Ryan Moore said.
“THG has become a globally renowned tech ecosystem specialising in taking brands direct to consumers worldwide. Today’s announcement signifies the beginning of long-lasting partnership that will see Mode’s growth and market penetration trajectory accelerate, and will allow us to bring our disruptive payments and loyalty solution into the hands of millions of UK customers.”
THG Ingenuity’s chief executive John Gallemore added: “THG Ingenuity, our proprietary, end-to-end technology and operating platform, is constantly innovating to improve the customer experience.
“In addition to more than 50 global payment methods currently offered, Mode will provide our customers with additional payment opportunities to suit their needs and is another step in the platform’s evolution.”