THG completes rollout of Bitcoin powered Mode payment solution months ahead of schedule
THG has completed the roll-out of the Bitcoin-powered Mode payment and rewards solution across all of its owned-brands including Lookfantastic and Myprotein.
The move, announced earlier this year, has been completed months ahead of schedule, following a “heavily accelerated” drive.
All of THG’s 30-plus owned brands now offer Mode as a payment option at checkout, giving customers the opportunity to build up a holding in Bitcoin through Mode’s cardless QR code based payments method.
Mode 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 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% Bitcoin Cashback while existing customers will receive 5% for new and repeat purchases.
Mode CEO Ryan Moore 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.”
MODE CCO Rita Liu added: “Our solution addresses chronic inefficiencies in the global payment system, for consumers and businesses alike.
THG Ingenuity CEO John Gallemore added: "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.”