Mode’s Response to Increased Card Payment Fees

Following Mastercard’s announcement of increased card payment fees, Mode has introduced a new Open Banking-powered payments and loyalty feature. This innovative solution aims to provide merchants with an alternative method for accepting instant payments.

The service will be launched initially in the UK but Mode is planning potential expansion into other European markets as well.

Key Features of Mode’s New Solution

With Mode, customers can now manage both their traditional funds and digital assets like Bitcoin, make instant payments, earn rewards in Bitcoin, and receive personalized offers directly from merchants. All these functionalities are integrated within a single application.

The payment process has been streamlined for convenience, requiring no manual entry of card details or CVVs. Customers can simply scan a QR code or click a button to complete their transactions via the Mode app. Real-time authorization through biometric security and Strong Customer Authentication (SCA) ensures secure payments.

Upcoming Fast Payments Solution

Later this year, Mode is set to release a fast payments solution that will enable customers without the Mode app to make purchases from e-commerce merchants accepting Mode. This move aims to broaden the accessibility of Open Banking benefits and facilitate direct transactions for even more consumers.

Mode’s Vision for the Payments Ecosystem

Mode’s goal is to simplify the payment landscape and reduce inefficiencies, where intermediaries typically take a cut from each transaction. By directly connecting customers with merchants, Mode aims to foster a more personalized relationship and provide necessary insights for offering tailored rewards and enhancing customer loyalty.

In addition, merchants can leverage Mode’s Bitcoin Rewards program to incentivize customers using one of the world’s most sought-after assets during transactions.