THG’s Ingenuity arm has launched a revolutionary open bank payments and rewards solution in collaboration with fintech group Mode.
Through Mode’s Bitcoin rewards solution, the two brands hope to put Bitcoin “in the hands of millions of customers in the UK”.
Mode’s integration into THG has been heavily accelerated and Mode can now be found on over 30 THG brands at checkout, including Lookfantastic, Myprotein and The-Hut.com, months ahead of the initial schedule.
Customers in the UK will now have the opportunity to build up a Bitcoin holding through Mode’s cordless QR code-based payments method.
This will give shoppers the chance to make instant payments and reward them with Bitcoin cash back immediately after the purchase via the Mode app.
Mode believes that the new solution counters the traditional loyalty and cash back methods which often entail rewards that are difficult to withdraw or slow to redeem.
THG shoppers who are checking out with Mode for the first time will receive 10 per cent Bitcoin cashback, whereas existing customers will receive five per cent for new and repeat purchases.
Mode’s payment and loyalty solution can be a cheaper, safer and smarter alternative to card payments, according to the company.
It also claims that the solution caters to the needs of today’s digitally-native consumers and boosts loyalty by enabling these customers to passively accrue Bitcoin over time.
“We’re delighted to bring about the next generation of retail payments and loyalty, in partnership with THG’s globally renowned tech platform, THG Ingenuity. Consumers can pay via Mode, and accrue instant Bitcoin rewards which they can safely store via our trusted, FCA registered app,” Mode chief executive Ryan Moore said.
“This marks a step forward in delivering on our aim to make Bitcoin accessible to all and put it in the hands of as many people as possible.
“Those who pay via Mode will gain passive exposure to the revolutionary store of value asset without taking on the individual risk of investing, which we anticipate will significantly widen our market to reach those who are new to Bitcoin.”
THG Ingenuity chief executive John Gallemore added: “We are constantly innovating and providing new solutions to THG brands and THG Ingenuity partners. Mode’s payments solution will provide our customers with additional payment opportunities to suit their needs and is another step in the platform’s evolution.”