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Mode payments and Bitcoin rewards live with THG

Mode payments and Bitcoin rewards live with THG | Fintech Finance

Mode Global Holdings Plc (“Mode”), the LSE-listed fintech group, has launched its revolutionary Open Banking payments and Bitcoin rewards solution with THG Plc (“THG”), the proprietary technology platform specialising in taking brands direct to consumers globally.

Originally scheduled for roll-out over the course of 12 months starting from the end of Q3 2021, Mode’s integration into THG has been heavily accelerated and Mode can now be found on all 30+ THG brands at checkout, months ahead of schedule. THG brands include Lookfantastic, Myprotein and The-Hut.com.

UK customers will be given the opportunity to build up a holding in Bitcoin through Mode’s cardless QR code based payments method that allows shoppers to make instant payments and rewards them with Bitcoin Cashback – immediately after purchase – via the Mode app. The solution counters traditional loyalty and cashback programmes, which often entail rewards that are hard to withdraw or slow to redeem.

Mode, a first-of-its-kind in the UK, has also launched a checkout feature for shoppers who do not have the app, which leverages Open Banking technology to allow them to also make seamless payments via their bank account, and earn instant Bitcoin Cashback at THG brands. THG shoppers checking out with Mode for the first time will receive 10% Bitcoin Cashback. Existing customers will receive 5% for new and repeat purchases. T&Cs apply.

For THG merchants, Mode’s payments and loyalty solution can be a cheaper, safer and smarter alternative to card payments that caters to the needs of today’s digitally-native consumers, and boosts loyalty by enabling these customers to passively accrue Bitcoin over time.

Ryan Moore, CEO of Mode, said: “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. 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.”

Rita Liu, CCO of Mode, said: “Our solution addresses chronic inefficiencies in the global payment system, for consumers and businesses alike. Not only are we reducing costly card processing fees and enabling businesses to access a younger, higher value demographic, but we’re also incentivising loyalty by offering highly relevant, instant and tangible rewards with no additional effort from the customer.”

John Gallemore, CEO of THG Ingenuity, said: “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.”

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