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Mode Global Holdings PLC (LON: MODE) share price rallied 4% after unveiling a payments partnership with British luxury fashion retailer, L.K. Bennett to provide Mode as a payment option on the retailer’s platform.
The partnership will see Mode use Open Banking protocols to allow the luxury retailer’s customers to pay for their purchases without using their credit or debit cards.
L.K.Bennett customers will have the option of selecting Mode as their payment option at checkout, which will generate a unique QR code that they can scan with their phones to complete the payment.
Mode claims that its payment process protects customers’ personal information since its app does not require customers to enter their details on the merchant’s site or the app since everything is automated.
Customers will use authentication methods based on biometric security such as Face Id on Apple devices and fingerprint scans on Android devices, and Strong Customer Authentication (SCA) to process their payments.
Today’s announcement comes after Mode launched its payments solution on brands owned by THG Plc ahead of schedule in mid-October, making its technology available to over 30 brands, including MyProtein, ESPA, and Zavvi.
Investors cheered today’s development, as evidenced by the rally in Mode shares, which reversed the downtrend that has been in place since October 25, 2021. I am interested in seeing whether Mode shares shall keep rising in the coming days.
From a fundamental perspective, Mode is well-positioned to keep rising as it partners with more companies to facilitate payments. In addition, long term investors may find Mode’s current share price pretty attractive since they are down 22.98% this year.
The company’s unique selling point is its Bitcoin rewards, which are sent to customers immediately after purchase, unlike most of its competitors, who have a 30 to 60 day waiting period before the Bitcoin reaches customers.
The two companies released a statement saying: “For L.K.Bennett, Mode's mobile payments and loyalty solution can be a more affordable, safer and smarter alternative to card payments that is catering to the needs of today's digitally-native modern consumer,”
*This is not investment advice.
Mode Global share price.
Mode Global shares rallied 9.6% to trade at 34.25p, rising from Monday’s closing price of 31.25p.
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