Boots, Ocado and Homebase are among more than 40 retailers which have today announced plans to roll out a crypto rewards scheme powered by London-listed fintech Mode.
Mode’s chief executive Ryan Moore commented on the partnerships.
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.
“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.
Under lockdown UK banks lost out on custom to fintechs and challenger banks which offer clients competitive rates and fees.