Mode and THG roll out Open Banking and Bitcoin rewards

FinTech Mode and e-commerce group THG are rolling out an Open Banking payments and Bitcoin rewards solution.

THG, also known as The Hut Group, provides a proprietary technology platform for D2C brands including Lookfantastic, Myprotein and The-Hut.com.

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 ahead of schedule.

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 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, according to Mode.

Mode 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 per cent Bitcoin Cashback. Existing customers will receive 5 per cent for new and repeat purchases.

Ryan Moore, chief executive 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.”

John Gallemore, chief executive 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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