Mode Global Holdings Plc, a fintech group, has introduced its Open Banking payments and bitcoin rewards solution on the THG Plc platform for brands. With this integration, more than 30 brands including Lookfantastic, Myprotein and The-Hut.com can use Mode's services, according to a press release.

U.K. customers can use Mode's cardless QR-based payments both to make purchase and earn bitcoin cashback via the Mode app. Mode has also introduced a checkout feature for customers that do not have the app, who can make payments directly from their bank accounts via the Open Banking feature.

"Our solution addresses chronic inefficiencies in the global payment system, for consumers and businesses alike," Rita Liu, CCO of Mode, said in the release. "Not only are we reducing costly card processing fees and enabling businesses to access a younger, higher value demographic, but we're also incentivizing loyalty by offering highly relevant, instant and tangible rewards with no additional effort from the customer.

First time shoppers will receive 10% bitcoin cashback and existing customers will receive 5% for new and repeat purchases.

Copyright © 2021 Networld Media. All rights reserved., source Industry News