Pro-bitcoin London Stock Exchange (LSE) listed fintech group Mode Global Holdings PLC (LSE: MODE) has relaunched its bitcoin cashback program with a brand new look and over 100 new participating brands, the company said in a blog post Tuesday.
Mode users only need the fintech’s latest mobile app version and an active account to utilize the new features and earn cash back in purchases at select online retailers. Once in the Mode app with a functioning account, simply look at the “Rewards” tab and browse all of the companies participating in the program and start shopping.
Each store has a different cashback rate which will allow users to earn anywhere from 1% to 12% back in bitcoin for their purchases. Select retailers will give exclusive deals on specific products offering higher amounts of cashback at specific times.
Mode leverages an advertisement affiliate program to provide this feature to its users. This affiliate program is why tracing the cookies is a necessary part of the process. A user clicks the link within the Mode application letting the participating company and Mode know that the purchase came from within the Mode app. Mode is then paid its affiliate fee for facilitating the purchase, and then Mode passes through some of that profit to the user.
In order for users to be paid in bitcoin, the user has to shop within the Mode browser in the application and allow the tracking of cookies in order for the in-house tech team to correctly identify eligible purchases. Going directly to the website of a participating brand and making a purchase will not allow the user to earn bitcoin cashback.
No billing information is provided to retailers from Mode, simply fund purchases with a Mode balance that can be linked to a UK-based bank account. The cashback feature was initially launched in October of last year which capped existing users at 5% cashback and one-time new users at 10%.