Some of the UK’s leading retailers could be about to start offering customers cashback in the form of digital cryptocurrency Bitcoin.
The scheme is being pioneered by fintech firm Mode, and will mean shoppers get cryptocurrency rewards of up to 10% for shopping online.
Mode will provide a QR code at the checkout and the company says about 30 brands have signed up.
‘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,’ said Mode CEO 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.’
To facilitate the cashback offer, Mode has struck a deal with a global affiliate marketing network called Awin which represents a series of major brands.
Customers taking part will be able to browse cashback offers at participating retailers on the Mode app, before going to that retailer’s website to complete their purchase.
However, a stumbling block seemed to appear in the case of a few well-known names.
Boots, Ocado and Homebase were all mooted as being involved with the scheme – but have since confirmed they will not be taking part.
Still, that hasn’t dented Mode’s enthusiasm.
‘Our view is that the value of Bitcoin will continue to grow over time as more businesses and individuals adopt it as a store of value,’ the company states on its website.
‘So we’ve made it our mission to put it into the hands of millions of customers by building a Bitcoin Cashback feature that makes it easily accessible to all, allowing even those who are new to Bitcoin to start their Bitcoin journeys.
‘Whether it’s by purchasing some protein powder at Myprotein, buying a Nintendo Switch from Zavvi, or your next pair of converses from The-Hut, we’ll reward you in Bitcoin if you pay with Mode!’
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