The year of crypto? Mode to activate Bitcoin cashback in more than 40 UK chain stores in 2022

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Savings and investment

Ocado, Homebase and Boots are among those planning to offer Bitcoin cash back rewards in the New Year.

Source image: Mode.

Next year, dozens of department stores will start offering crypto cash back on purchases, including Ocado, Homebase, and Boots.

They will do this with the help of UK listed fintech mode, which helps retailers accept crypto payments at their online checkouts and also offer cash back rewards in the same format.

Sadly, that’s not happening yet, the launch is slated for Q2 2022, meaning buyers will run out of crypto cashback this holiday shopping season.

However, THG (The Hut Group) and LK Bennett are already in line with Mode’s solution offering a percentage of a purchase, typically 5-10%, in the form of cashback in Bitcoin.

“I am delighted to announce the development of our Bitcoin Cashback offering as a standalone product, following the fantastic response from our customers and the increased appetite for cryptocurrency,” said Ryan Moore, CEO of Fashion.

For now, customers must go through the Mode app in order to qualify for Bitcoin cashback, which is credited to their Mode account and can then be stored or sold through the company’s own crypto exchange.

It’s not quite a seamless experience, as customers have to go through a few steps to get started, but with more retailers to add “in due course” it could end up reaching a general audience.

“This marks a major step in making the asset class more accessible to consumers of all demographics, ultimately putting Bitcoin in the hands of millions of customers across the UK,” Moore added.

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