The Commonwealth Bank of Australia today announced it will provide customers with itemised digital receipts within its app for certain transactions through a partnership and investment in local fintech Slyp.
All of the big four banks now have a stake in Slyp which will continue to operate independently. NAB has offered Slyp’s digital receipts in its app since October.
Slyp’s smart receipt platform works within banking applications, offering users a digital version of their legal tax invoice with itemised clickable links. The software needs to be present on merchants’ POS systems as well in order to match up the transaction with a bank’s card and app.
Cofounded by two former Paypal employees and a former ANZ group data officer, Slyp has previously been backed by Westpac, NAB and ANZ, as well as Scentre Group, the owner of Westfield in Australia and New Zealand.
NAB was the first major to launch Slyp’s digital receipts last year as the fintech continued to build out its POS and retail partners.
Today CBA announced its customers will be able to receive digital receipts with the CommBank app when they pay with their card or digital wallet at participating retailers. According to Australia’s largest bank, the digital receipts will make it easier for customers to manage their returns, warranties and financial management from within its industry leading mobile app.
The deal also includes a CBA representative on the Slyp board.
“We are thrilled to partner with the team at Slyp. Their technology provides an intuitive solution to an everyday problem for our seven million digitally active customers,” said Commonwealth Bank group executive retail banking services, Angus Sullivan.
“The partnership is also an example of the bank’s goal of leading in technology.”
Slyp CEO and co-founder, Paul Weingarth, described the partnership with the only remaining big bank as a “major breakthrough” for the fintech.
“To deliver a truly ubiquitous industry standard of digital receipts, we knew early on that we would need to partner with the banks. Now, with their backing we are in a strong position to push towards eliminating paper receipts and provide retailers and banks with a new way to delight and engage their customers post-payment.”
CBA’s retail boss also pointed to the benefits of contactless payments and digital receipts during a global pandemic.
“COVID-19 has been a catalyst for retailers to encourage contactless, digital payments in their stores. Digital receipts are a natural extension to this, which will benefit both shoppers and retailers,” Sullivan said.
CBA data shows digital wallet transactions surged past $1 billion in March as social distancing measures came into effect.