By Oliver Smith on Friday 19 November 2021
Ocado, Homebase and Boots are among those planning to offer Bitcoin cashback in the new year.
Next year dozens of high street stores will start offering crypto cashback on purchases, including Ocado, Homebase and Boots.
They’ll be doing it with the help of UK listed fintech Mode, which helps retailers accept crypto payments at their online checkouts and also offer cashback in the same format.
Sadly it’s not happening just yet, the launch is planned for Q2 2022, meaning shoppers will miss out on crypto cashback this holiday shopping season.
However, THG (The Hut Group) and LK Bennett are already live with Mode’s solution offering a percentage of a purchase, typically 5–10 per cent, as 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 accelerating appetite for the cryptocurrency,” said Mode CEO Ryan Moore.
At the moment customers have to go via Mode’s app in order to qualify for the Bitcoin cashback, which is credited to their Mode account and can then be stored or sold via the company’s own crypto exchange.
That’s not quite a seamless experience, as customers need to jump through a few hoops to get started, but with more retailers to be added “in due course” it could end up reaching a mainstream audience.
“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,” added Moore.