// More than 40 retailers will be joining the crypto rewards cash back scheme
// It is expected to make Bitcoin and cryptocurrency accessible to millions of UK customers
Online shoppers with some of the UK’s best-known retailers will be able to claim cash back via Bitcoin as part of the new crypto rewards scheme, launching next year.
Announced today, the plans will see more than 40 retailers giving their customers the option to use Mode’s QR code-based system at the checkout, make cardless payments online and accrue Bitcoin with every purchase.
Powered by London-listed open-banking platform Mode, the scheme is expected to launch in 2022.
Talking to City A.M., Mode’s chief executive Ryan Moore hopes the partnership will make Bitcoin and cryptocurrency accessible to millions of UK customers.
READ MORE: These are the retailers where you can spend your cryptocurrency
“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,” he said..
“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.”
The amount of cash back customers receive with the Bitcoin rewards scheme is expected to be in line with Mode’s existing loyalty schemes with THG and LK Bennett, which gives customers between five and ten per cent cash back on their purchases.
“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.”
Click here to sign up to Retail Gazette’s free daily email newsletter
