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June 22, 2021

Press Releases

THG brands to offer Mode as a payment option at online checkout

The Hut Group is set to integrate blockchain payment giant Mode’s technology into over 30 of its brands offering Bitcoin cashback rewards. Through this partnership, Mode will leverage the power of Bitcoin and Open Banking to bring innovative payments and rewards.

Published by FinExtra

Mode Global Holdings Plc (“Mode”), the LSE-listed fintech group, is proud to announce that it has signed an MoU with THG Plc (“THG”), the proprietary technology platform specialising in taking brands direct to consumers globally, which will see THG brands offering Mode as an additional payment option for customers.

Through this partnership, Mode will leverage the power of Bitcoin and Open Banking to bring an innovative payments and rewards experience to THG’s customers, enabling them to make instant payments, earn Bitcoin rewards, and receive personalised offers, all in one app. For THG merchants, Mode’s mobile payments and loyalty solution can be a cheaper, safer and smarter alternative to card payments that caters to the needs of today’s digitally-native, modern consumer. It also helps these customers unlock the value of their digital assets in the real world.

Over the coming months, Mode and THG will work together to integrate Mode’s payments solution into THG Ingenuity, the e-commerce platform that powers the end-to-end digital commerce experience for all THG merchants. Mode will be enabled on 30+ THG brands over the next 12 months, starting from the end of Q3 2021. THG brands include Myprotein, Lookfantastic and Thehut.com.

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 Strong Customer Authentication. Customers will be rewarded in Bitcoin for eligible purchases, making it an attractive proposition for consumers looking to own cryptocurrencies without the risk of investing.

At the end of June, Mode will release its payments feature in Public BETA, initially on Android, and will launch its own online merchandise store enabling Mode customers to be the first to experience instant and frictionless purchases, and receive Bitcoin cashback.

Ryan Moore, CEO of Mode, 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.”

Rita Liu, Chief Commercial Officer of Mode, said: “Building a strong merchant base is at the core of our growth strategy and our plan to build an all-encompassing ecosystem connecting people and businesses, just like it was for Alipay and WeChat Pay in China in their early days. For Mode, today’s announcement serves to boost confidence in Mode’s potential and show that, even though this is only the start of our journey, we are hitting the accelerator pedal by partnering with a top-notch e-commerce group. I’m extremely excited to be delivering on this partnership and working closely with THG to ensure it is a success.”

John Gallemore, CEO of THG Ingenuity, 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."

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