Over 40 retailers including Boots join L.K. Bennett in announcing bitcoin cashback scheme

Boots and more than 40 other retailers including Ocado and Homebase are partnering with fintech company Mode to  launch a bitcoin cashback scheme in the second quarter of 2022. 

The bitcoin cashback product will enable UK shoppers to earn the cryptocurrency Bitcoin with every purchase made at participating online stores, potentially opening up the cryptocurrency market to millions of citizens.

Last week British retailer L.K. Bennett also announced that it would work with Mode on the bitcoin buy-back scheme, a cardless payment solution that will allow customers can scan a QR code with payments then authorised through biometric security.

In a note to the London Stock Exchange (LSE) Mode said that it aims to counter traditional loyalty and cashback programmes, which can be difficult to use for the customer, and instead aims to give users the opportunity to build a stake in Bitcoin without taking on the risk of investing.

The company added that customers will be able to browse cashback offers at participating retailers on the Mode app, before going to the selected retailer's website to complete the purchase.

The Bitcoin would then be credited into the customer's Mode account, where they can store the asset or take advantage of the company's exchange, which is registered with the financial regulatory body FCA, to grow their Bitcoin cryptocurrency.

Ryan Moore, CEO of Mode, commented: "I am delighted to announce the development of our Bitcoin Cashback offering as a standalone product, following the fantastic response from our customers, and accelerating appetite for the cryptocurrency. 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."

UPDATE: Since publication Mode has put out a statement saying that brands including Boots, Homebase and Ocado have since ceased affiliation with the programme.

It said: "As with all affiliate programmes of this nature, it is at the discretion of the retailer as to how long they wish to remain involved in the programme. Some of those specified brands have since withdrawn Mode as an affiliate."