The digital receipt application from Slyp can be embedded into existing banking apps, and once integrated the digital receipts will be directly received through the banking app
Customers to receive digital receipts through the CommBank app. (Credit: Commonwealth Bank of Australia.)
Commonwealth Bank of Australia (CBA) has partnered with fintech provider Slyp, enabling its customers to receive digital receipt in their banking app upon payment through a card or digital wallet.
The digital receipt application from Slyp has been designed to embed into existing banking apps, and once integrated the digital receipts will be directly received through the banking app.
By making digital receipts available on the CommBank app, CBA allows its customers to easily manage returns, warranties and financial management.
Commonwealth Bank Group retail banking services executive 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. 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.”
All the four major banks in Australia hold minority equity stake in Slyp
Slyp’s technology works by directly integrating the receipt information from the merchant’s point of sale system, by matching it to the customer’s card and displaying it the customer’s banking app.
In addition, the new technology would be more useful in current times, with the increased focus on hygiene, and retailers moving towards cashless payments in their outlets.
CBA has invested in the independent fintech company Slyp as the fourth major Australian bank with a minority equity stake.
The company would operate independently by the founders, while CBA holds a representative on the Slyp Board, chaired by Stuart Harker, former global retail lead partner at PricewaterhouseCoopers.
Slyp CEO and co-founder Paul Weingarth 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.”
Recently, CBA has agreed to sell the Australian Investment Exchange (AUSIEX) to Japan-based Nomura Research Institute (NRI), for $85m