Mode Relaunches Bitcoin Cashback With Higher Payouts
- Mode, a UK-based fintech company listed on the London Stock Exchange, has relaunched its Bitcoin cashback program.
- The updated program allows affiliate ads to pay Mode users up to 12% in bitcoin rewards.
- The initial launch of Bitcoin cashback with Mode capped existing users at 5% cashback, and new users had a one-time 10% cashback offer.
Pro-bitcoin fintech group London Stock Exchange (LSE) listed Mode Global Holdings PLC (LSE:MODE) has relaunched its bitcoin cashback program with a brand new look and more than 100 new participating brands, the company announced on Tuesday in a blog post.
Mode users only need the latest version of the fintech’s mobile app and an active account to use the new features and earn money in purchases at select online retailers. Once in the Mode app with a working account, simply look at the “Rewards” tab and browse all the businesses participating in the program and start shopping.
Each store has a different cashback rate that will allow users to earn between 1% and 12% in bitcoin for their purchases. Some retailers will offer exclusive offers on specific products offering higher cashback amounts at specific times.
Mode operates an advertising affiliate program to provide this functionality to its users. This affiliate program is why tracking cookies is a necessary part of the process. A user clicks the link in the Mode app to notify the participating business and Mode that the purchase is from the Mode app. Mode then receives its affiliate fees to facilitate the purchase, and then Mode passes on a portion of that profit to the user.
In order for users to be paid in bitcoin, the user must make purchases in the app’s Mode browser and allow cookie tracking so that the internal technical team can correctly identify qualifying purchases. Going directly to a participating brand’s website and making a purchase will not earn the user bitcoin cashback.
No billing information is provided to retailers by Mode, simply fund purchases with a Mode balance which can be linked to a UK based bank account. The cashback feature was initially launched in October last year, which capped existing users at 5% cashback and new one-time users at 10%.