CBA invests in Slyp to drive digital receipts
Commonwealth Bank has joined the other big banks as an investor in start-up Slyp, a provider of digital receipts which can help to eliminate paper receipts, improve retailers’ engagement with customers and make it easier to file tax returns.
It’s the first time CBA has announced a minority equity investment in an Australian start-up, and makes Slyp the first fintech to count each of the big four banks as a shareholder.
Scentre Group, which operates Westfield, is another investor and will be promoting “smart receipts” to retailers alongside the banks, as the finance sector moves to cut out paper receipts and roll out an industry standard for digital receipts.
While its initial focus has been on consumer banking and integration into banking apps, eliminating paper receipts could help businesses once they integrated with cloud accounting software, such as Xero and MYOB.
For merchants, it offers a new way of engaging with customers, who typically scrunch a bit of paper into their pocket. For example, a restaurant could use a digital receipt to re-book a customer, while a retailer could use it for targeted, promotional campaigns once the product ages.
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