Boots, Ocado and Homebase to offer millions of Brits bitcoin cash back

Some of the nation’s best known brands plan to give online shoppers cash back in bitcoin.

Boots, Ocado and Homebase are among more than 40 retailers which have today announced plans to roll out a crypto rewards scheme powered by London-listed fintech Mode. Millions of UK customers will have the option to use Mode’s QR code based system at the checkout to make cardless payments online and accrue Bitcoin with every purchase.

Mode’s chief executive Ryan Moore commented on the partnerships. “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,” he said.

The crypto loyalty scheme is expected to launch in 2022, with cash back payments to be jointly funded by open-banking platform Mode and its partner brands. The amount of cash back customers receive under the new programmes is expected to be in line with Mode’s existing loyalty schemes with THG and LK Bennett which see customers receive between five and ten per cent cash back on purchases.

Read more: LK Bennett to offer customers crypto cash back

In comments to City A.M. Moore said he hopes the rewards schemes will make crypto more accessible. “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,” he explained.

The announcement comes amid growing interest in open-banking solutions. Under lockdown UK banks lost out on custom to fintechs and challenger banks which offer clients competitive rates and fees. In addition to offering customers cashback, Mode’s open banking payments platform provides lower transaction fees and instantaneous settlement for merchants.

“People are looking for new ways to grow their wealth and take control of their finances,” Moore commented. “We believe Bitcoin is the best asset to do that with.”

Mode’s share price yesterday jumped by 12.54 per cent ahead of the announcement. However, the company is battling losses over the medium term with shares down 22.35 per cent compared to their initial offering price in October 2020.

Read more: UK Fintech Mode rolls out Bitcoin cashback reward scheme

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