Commonwealth Bank has announced a partnership with Australian fintech provider Slyp that will allow customers to automatically receive an itemised digital receipt in their banking app when they pay with their card or digital wallet at participating retailers.
Slyp’s digital receipt application can be embedded into existing banking apps meaning that once integrated, CBA will feature digital receipts in the CommBank app, making it easier for customers to manage returns, warranties and financial management, and further extend the capabilities of its industry-leading banking app.
Commonwealth Bank Group Executive Retail Banking Services, Angus Sullivan, said: “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.
“The partnership is also an example of the bank’s goal of leading in technology. Integrating Slyp into our core digital channels, we're continuing our journey to build smarter banking experiences our customers will love,” he said.
Paul Weingarth, CEO and co-founder of Slyp, said: “This latest partnership with CommBank is a major breakthrough for the Slyp network. 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.”
Slyp directly integrates the receipt information from the merchant’s point of sale system, matching it to the customer’s card and displaying it inside their banking app.
Additionally, this new technology comes at an opportune time with the increased focus on hygiene, which has seen retailers accelerate the move towards cashless payments in their outlets.
“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,” Mr Sullivan said.
With CBA’s investment, all four of the major Australian banks have a minority equity stake in Slyp.
Slyp’s digital receipt platform presents an opportunity to create a unified digital receipt standard. This is the first time an independent fintech has collectively had the backing of all four majors.
The fintech will continue to operate independently by the founders. CBA will have a representative on the Slyp Board, which is chaired by Stuart Harker, former global retail lead partner at PricewaterhouseCoopers.