Mode Global Holdings PLC (LON:MODE) said it formally signed a contract to provide payment services incorporating bitcoin to online shopping platform THG PLC, better known as The Hut Group.
Mode Global 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.
The agreement follows a memorandum of understanding announced on June 14.
READ: Mode Global launches payment and rewards solution on Android
The company said its Bitcoin cashback app and payments platform will be available when paying at THG brands from the end of the third quarter of 2021, enabling shoppers to make instant payments using QR codes or with the "Pay with Mode" button and earn Bitcoin rewards.
READ: Mode Global's bitcoin cashback app to be available on The Hut Group platform
"We're pleased to announce that we have now officially signed with THG, embarking on an exciting new partnership. Our innovative payments system provides additional choice to customers, which helps to bring cost savings and increase payment efficiency. The Mode team are now busy at work onboarding THG's brands onto our payments platform; there are exciting times ahead and we look forward to welcoming THG's customers", Mode chief executive Ryan Moore said in a statement.