THG Ingenuity switches on Mode Open Banking and Bitcoin service
UK-based FinTech venture Mode has launched its Open Banking payments and Bitcoin rewards solution with The Hut Group’s THG Ingenuity tech platform.
The integration can now be found on all 30+ THG brands at checkout, including Lookfantastic, Myprotein and The Hut.
UK customers will be able to build up a holding in Bitcoin through Mode’s cardless QR Code-based payments method.
This allows shoppers to make instant payments and rewards them with Bitcoin cashback - immediately after purchase - via the Mode app.
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 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.
Ryan Moore, CEO at Mode, says: “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, CEO at THG Ingenuity, comments: "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.”
