You will, from April 2022, be able to get shopping cashback in cryptocurrencies from over 40 U.K. online retailers following collaboration between different retailers and London-based open banking firm Mode. Mode announced that customers buying goods and services from the retailers through Mode will get between five and ten percent cashback in crypto for all their purchases.
Customers will get these crypto rewards by first browsing for offers from different retailers on the Mode app, then buying the items, and the Bitcoin will automatically be credited to their Mode accounts. The deal is great news for the crypto industry because it has the potential to increase crypto adoption easily, said Mode’s chief executive Ryan Moore.
“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,” said Mode’s chief executive Ryan Moore.
The program was developed following a demand by customers and their accelerating appetite for the cryptocurrency, he said. The company termed the move as the next step towards developing the next-generation customer loyalty scheme.
With the increased popularity and pricing of cryptocurrency each day that passes, the rewards program will be great news to the millions of people buying goods and services from Mode partner brands because it provides them with an opportunity to invest or stake in Bitcoin without the risk of investing, said the company.
“The Bitcoin will be credited into the customer’s Mode account, where they can store the asset or take advantage of the Company’s FCA registered exchange to grow their Bitcoin.”
With Mode, customers can already make QR code-based cardless payments across partner brands and the crypto rewards program is part of the company’s customer loyalty schemes. The brands participating in the crypto rewards scheme include 30 brands owned by The Hut Group including Zavvi, Lookfantastic, MyProtein, and ESPA. The deal includes a partnership with LK Bennett and Awin affiliate marketing network which includes several U.K. brands.
Businesses that use the platform will likely increase customer loyalty especially among the crypto-hungry younger generation that is continually looking for new and agile investment avenues like cryptocurrencies. Already, 66% of millennials say they have more faith in cryptocurrency than the stock market according to Mode.