Say goodbye to paper receipts

Say goodbye to paper receipts

Hands up - who hates rummaging in their wallet for receipts? One of Barclaycard Payment Solutions’ (BPS) innovative partnerships could put an end to wallets and purses stuffed with paper. 

Flux, a London start-up from the 2017 Barclays Accelerator programme, aims to rid the world of paper receipts by replacing them with digitised versions.

Since the partnership with Flux began two years ago, BPS has been helping to develop their business proposition. Veronique Barbosa, Co-Founder, COO of Flux explains: “It’s an exciting time to be at Flux because our business is expanding rapidly. BPS’s experience, network and relationships with some of the largest retailers in the UK has helped us grow our retail partnerships. Their support and belief in our product provides us with credibility when we talk to retailers and their historical reputation for key innovation has been invaluable, particularly around contactless.

“One example includes the work we have done with EAT, which coincidentally was both Flux’s first retail partner and Barclaycard’s first contactless partner. Working together with EAT has spearheaded innovation around delivering real time itemised receipts and cashback.”

How does it work?

Flux delivers digital itemised receipts directly to a consumer’s bank statement within their bank’s mobile app without the need for a paper receipt. Given the solution has been built as an add-on within banking apps, there is no need to download it separately. Simply select it as a preference within the banking app and it starts creating digital receipts for those merchants live with the service.

BPS and Barclays UK are working together to explore how Flux can be incorporated into the wider technology infrastructure for their customers to use, with it already being live within the Beta version of the BUK mobile banking app, Launchpad.

Ed Black, Director of Innovation, Barclays Payment Solutions, tells us more about how the partnership began: BPS started working with Flux in 2018 to develop a proof-of-concept with EAT to offer itemised receipts. EAT, was able to provide data and insight to prove the product functionality. We are now looking to extend our relationship with Flux and will be launching a commercial pilot with some of our existing corporate merchants to validate the results from the proof of concept, and to prove the commercial viability, merchant demand and feasibility of scale.”

Beat the Receipt

Flux was created with the idea of eradicating the world of paper receipts and unlocking the value of the analogue data they contain. Beat The Receipt  is a media campaign Flux has launched to rid the world of paper receipts. The aim is to raise awareness of the problem and to encourage retailers to adopt digital solutions to address it and for consumers to opt in for paper receipts only when they need it.

Some big brands like KFC UK, Itsu, Pure and EAT have already pledged their support in bringing much needed attention to reduce and seek alternatives to wasteful paper receipts. This will not happen overnight but removing this unnecessary waste has never been more important to protect our planet.

Enriching the consumer experience

BPS and Flux are working together to put the customer at the heart of their collaboration. Alongside removing unnecessary waste created by paper receipts, Flux is looking ahead and exploring a number of additional benefits for its users such as greater transparency and control.

Veronique Barbosa comments, “Having access to a digital receipt in your mobile banking application is convenient for assessing your spend and having greater control over your finances. Knowing what you bought as a consumer can be immensely powerful in shaping future purchasing decisions.

“You’ll be able to closely monitor your spending, with the itemised bills highlighting exactly where your money is going. So, you’ll be able to see exactly how much you’re spending on coffee, takeaway food or that long-forgotten gym membership. Deciphering unclear transactions will also become a thing of the past – making fraudulent activity easier to spot.”

The Flux team also believes that in future there will be the possibility to add additional information alongside the receipt such loyalty programmes, returns details, nutritional information and more.

Loyalty schemes are hugely popular with UK consumers, and according to YouGov, 77 percent of British adults are a member of at least one loyalty programme. As loyalty schemes become more sophisticated, consumers expect them to be personalised and digital. 

Expanding on this prediction, Veronique Barbosa said: “I think loyalty points collection will go digital and mainly happen through payment technology, particularly for major existing loyalty programmes. For those of us who can never quite get their hands on that illusive ‘10th coffee free’, or simply refuse to stuff loyalty cards in their purse or wallet then Flux could potentially help and automatically store these too.”

According to recent research by Barclaycard in the UK, serial-returners are having an impact on the bottom line for retailers with over a quarter stating they have seen an increase in returns over the past two years. Digital receipts could make this process easier for everyone and Flux has recently announced a partnership with Schuh, its first non-food merchant that allows Schuh customers to receive Flux receipts on e-commerce transactions and use them for returns in store.

The power of Partnerships

Flux’s mission is to enrich the consumer experience and has the potential to free the world from paper receipts and enhance the information they contain. It is one of many fintech organisations that Barclays is partnering with in the cards and payments space around the world.

Ed summarises the importance of Flux to its partnership engagement strategy within BPS: “We are focused on making payments easier and more convenient for both retailers and consumers. We are partnering with fintech players, big tech organisations and major clients to deliver solutions that benefit all and make payments more seamless. Partners like Flux, are interesting for us to collaborate with as when you add our scale and expertise to their niche solutions, there are real opportunities to enhance the payments experience.”