THG to offer new bitcoin-powered payment option following Mode deal

The Hut Group’s proprietary e-commerce platform THG Ingenuity is expanding its range of customer payment options following a new partnership with Mode - the London Stock Exchange-listed fintech group whose mobile payments and loyalty solution offers Bitcoin cashback rewards.

Mode's mobile payments and loyalty solution will be enabled on more than thirty THG brands over the next 12 months, starting from the end of September with Myprotein and Lookfantastic.

Leveraging the power of Bitcoin and Open Banking, the Mode solution will enable THG customers to make instant payments, earn Bitcoin rewards, and receive personalised offers, all in one app.

Customers opting to pay with Mode will simply need to scan a QR code or click the “Pay with Mode” button at the checkout page and the payment will be processed instantly via the Mode app using their GBP funds.

Payments will be authorised in real time through biometric security and Strong Customer Authentication.

Customers will be rewarded in Bitcoin for eligible purchases, “making it an attractive proposition for consumers looking to own cryptocurrencies without the risk of investing,” Mode said.

At the end of June, Mode will release its payments feature in Public BETA, initially on Android, and will launch its own online merchandise store enabling Mode customers to be the first to experience instant and frictionless purchases, and receive Bitcoin cashback.

THG Ingenuity chief executive officer John Gallemore said: “I’m extremely excited to be delivering on this partnership and working closely with THG to ensure it is a success.”

“THG Ingenuity, our proprietary, end-to-end technology and operating platform, is constantly innovating to improve the customer experience.

“In addition to more than 50 global payment methods currently offered, Mode will provide our customers with additional payment opportunities to suit their needs and is another step in the platform’s evolution.”

Mode chief commercial officer Rita Liu said: “Building a strong merchant base is at the core of our growth strategy and our plan to build an all-encompassing ecosystem connecting people and businesses, just like it was for Alipay and WeChat Pay in China in their early days.

“For Mode, today’s announcement serves to boost confidence in Mode’s potential and show that, even though this is only the start of our journey, we are hitting the accelerator pedal by partnering with a top-notch e-commerce group.