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Mode Global's bitcoin cashback app to be available on The Hut Group platform

Customers will be rewarded in bitcoin for eligible purchases

Mode Global Holdings PLC -

Mode Global Holdings PLC (LON:MODE) signed a preliminary agreement to provide payment services incorporating bitcoin to online shopping platform THG PLC, better known as The Hut Group (LON:THG).

Mode has developed a mobile app that enables shoppers to receive bitcoin cashback and the platform will be integrated into THG's Ingenuity e-commerce platform.

Over the next 12 months, Mode's platform will be enabled on over thirty THG brands and starting from the end of September with Myprotein and Lookfantastic.

Customers opting to pay with Mode will simply need to scan a QR code or click the "Pay with Mode" button at the checkout page and the payment will be processed instantly via the Mode app using their GBP funds.

Payments will be authorised in real-time through biometric security and customer authentication with customers rewarded in bitcoin for eligible purchases.

At the end of June, Mode said it will release its payments feature for public beta testing, initially on Android, and launch its own online merchandise store enabling its customers to be the first to receive bitcoin cashback.

Ryan Moore, Mode’s chief executive, said: "Partnering with THG marks a major milestone for Mode. THG has become a globally renowned tech ecosystem specialising in taking brands direct to consumers worldwide.

Today's announcement signifies the beginning of long-lasting partnership that will see Mode's growth and market penetration trajectory accelerate, and will allow us to bring our disruptive payments and loyalty solution into the hands of millions of UK customers." 

John Gallemore, THG Ingenuity’s chief executive, said: "THG Ingenuity, our proprietary, end-to-end technology and operating platform, is constantly innovating to improve the customer experience. 

“In addition to more than 50 global payment methods currently offered, Mode will provide our customers with additional payment opportunities to suit their needs and is another step in the platform's evolution. “

Quick facts: Mode Global Holdings PLC

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Price: 37.5 GBX

Market Cap: £34.29 m

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