Mode confirms Open Banking-powered payments solution will launch in Q2 2021

Monday 15 February 2021 10:56 CET | News

Mode, the LSE-listed fintech group, has announced that it is set to launch its novel payments and loyalty solution powered by Open Banking in Q2 2021, providing merchants with an alternative to rising card interchange fees and boosting loyalty amongst consumers.

Since Mastercard announced its plan to increase card payment fees, Mode has announced it will counter this through its new Open Banking powered payments and loyalty feature, that will provide merchants with a new way to accept instant payments. The solution will be initially available in the UK, but Mode is considering an expansion into Europe in due course. 

With Mode's new feature, customers will be able to seamlessly manage their traditional money and digital assets such as Bitcoin, make instant payments, earn rewards in Bitcoin and receive personalised offers from merchants, all in one app. The solution removes the need for customers to enter their card details or CVVs at checkout - with a simple scan of a QR code or just a click of a button, the payment will be processed via the Mode app. Payments will be authorised in real time through biometric security and Strong Customer Authentication (SCA).

Later this year, Mode will also launch a "fast payments" solution enabling customers who don't have the Mode app to also make purchases easily from ecommerce merchants accepting Mode. This will allow even more consumers to leverage the transformative benefits of Open Banking and access direct and seamless transactions.

Mode's aim is to simplify and reduce inefficiencies in the existing payments ecosystem, where intermediaries take a cut from each transaction. Mode's solution will connect customers directly to merchants, creating a much more personalised relationship, and providing merchants with the necessary insights to offer tailored rewards and drive loyalty. Merchants will be able to leverage Mode's Bitcoin Rewards solution to incentivise customers with one of the world's most sought-after assets when they transact.


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Keywords: Mode, Open Banking, payments , fintech, merchants, rewards
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech