The U.K.’s leading retailers reportedly plan to offer customers bitcoin cashback through a new loyalty program next year.
According to City AM, the bitcoin cashback service will be provided by fintech firm Mode, and customers can earn crypto rewards of up to 10% when they shop online at participating stores.
“I am delighted to declare the launch of our Bitcoin Cashback offering as a standalone product, following a fantastic response from our customers and a growing appetite for crypto,” said Mode CEO Ryan Moore.
This marks a significant step in making bitcoin more accessible to consumers of all demographics, ultimately bringing it into the hands of millions of British consumers.”
Bitcoin’s price has more than doubled since the beginning of the year and is currently trading at around $51,000 (£60,000).
An early press release listed Boots and Ocado among the retailers and Homebase, but the firms have since distanced themselves from the venture. Also, the beauty and pharmacy giant distanced itself from a similar cashback program launched last year by cryptocurrency platform CoinCorner. “We lost Boots as a bitcoin cashback partner due to the announcement of the Mode app,” said Molly Spiers, CoinCorner’s marketing manager. “CoinCorner have been partnered with Boots for over a year with no issues – they’re one of our most popular merchants. Why are we still imposing blanket bans on bitcoin businesses?”
Ms. Spiers shared an email she said was from Boots, saying that it did “not currently want to work with bitcoin publishers”, adding, “if anything changes in the future we will reinvite you to the programme.”
Boots has not responded to a request for comment