Ocado among over 40 retailers to offer cash back in Bitcoin

Ocado is one of around 40 retailers that is planning to give its online shoppers cash back in Bitcoin, a report from City AM revealed.

Homebase and Boots will join Ocado in rolling out the crypto-based rewards scheme which will be powered by London-listed fintech company, Mode.

The news means that millions of UK customers will be able to use Mode’s QR code based system when checking out to make cardless payments and gain Bitcoin with each purchase they make.

The new scheme is rumoured to launch next year, with Mode and its partner brands jointly funding the cash back payments.

READ MORE: TfL urged to ban advertisements for cryptocurrency

While Mode hasn’t confirmed the amount of cash back customers will receive, it is expected to be in line with the fintech company’s existing loyalty schemes it has with THG and LK Bennett, with customers receiving between five and 10 per cent cash back on their purchases.

“This marks a major step in making the asset class more accessible to consumers of all demographics, ultimately bringing Bitcoin into the hands of millions of customers across the UK,” Mode chief executive Ryan Moore told City AM.

“What we’re really trying to do is provide a lower risk entry point to crypto by giving customers the opportunity to passively earn Bitcoin without taking on the individual risk of investing.

“People are looking for new ways to grow their wealth and take control of their finances.

“We believe Bitcoin is the best asset to do that with.”

The news prompted Mode’s share price to leap 15.54 per cent, despite the company struggling with losses over the medium term, with shares down 22.35 per cent when compared to their initial offering price in 2020.

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