Exclusive: Homebase among 40+ retailers to offer Bitcoin cash back
Major UK retailers including Homebase plan to give online shoppers cash back in Bitcoin it has been claimed.
Homebase is among more than 40 retailers which will be added to a crypto rewards scheme powered by London-listed fintech Mode, the company announced today. When UK customers make purchases at participating retailers their Mode wallet will be credited with Bitcoin cashback through the company’s flagship app.
“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,” said Mode’s chief executive Ryan Moore.
The crypto loyalty scheme is expected to launch in 2022, with cash back payments to be jointly funded by open-banking platform Mode and its partner brands. The amount of cash back customers receive under the new programmes is expected to be in line with Mode’s existing loyalty schemes with THG and LK Bennett which see customers receive between five and ten per cent cash back on purchases.
Boots and Ocado were also name-checked as partners by the company, but both companies have since denied their involvement with the scheme.
Read more: LK Bennett to offer customers crypto cash back
In comments to City PM Moore said he hopes the rewards schemes will make crypto more accessible.
“What we’re really trying to do is provide a lower risk entry point to crypto by giving customers the opportunity to passively earn Bitcoin without taking on the individual risk of investing,” he explained.
The announcement comes amid growing interest in open-banking solutions. Under lockdown UK banks lost out on custom to fintechs and challenger banks which offer clients competitive rates and fees. In addition to offering customers cashback, Mode’s open banking payments platform provides lower transaction fees and instantaneous settlement for merchants.
“People are looking for new ways to grow their wealth and take control of their finances,” Moore added.
“We believe Bitcoin is the best asset to do that with.”
Mode’s share price yesterday jumped by 12.54 per cent ahead of the announcement. However, the company is battling losses over the medium term with shares down 22.35 per cent compared to their initial offering price in October 2020.
Read more: UK Fintech Mode rolls out Bitcoin cashback reward scheme