In a first, Big Four bank National Australia Bank has partnered with Australian fintech Slyp to introduce Smart Receipts as a feature in its mobile banking app. Customers of NAB will automatically receive itemized Smart Receipts from participating retailers directly in the NAB app at the time of purchase.
Few of the participating retailers are Harris Farms, Barbeques Galore, CUE and Chemist Warehouse. It will also be possible for customers to scan and save receipts within the NAB app itself from the non-participating retailers. The bank says that it will be adding hundreds of retailers to its network in the next year.
NAB Executive on partnering with Slyp
Ana Marinkovic, NAB Executive said the bank often hears from its customers that receipts are not needed or lost, so she thinks smart receipt will make life a lot easier for them. Ms Marinkovic adds that if the customers ever need to look back or share their receipt, it is easily accessible inside the NAB app.
The pandemic has seen retailers move more and faster towards contactless payments. The smart receipts feature will benefit both retailers and consumers as the use of digital payments continues to accelerate, she adds.
Customers of NAB can opt-in for this feature within their NAB mobile app itself. The technology of Slyp integrates seamlessly to the merchant PoS system which allows near real-time captures of the relevant tax receipt data. The platform then creates & matches the smart receipt to the bank cards of customers, sending it directly to the banking app within seconds after the payment is done.
About Slyp – an Australian fintech
Slyp is a Australian retail-fintech that was founded 3 years ago by Spiro Rokos (Technology Team Lead at PayPal Australia), Paul Weingarth (Sales Team Lead at PayPal Australia) and Mike Boyd (Group Data Officer at ANZ Bank).
The move by NAB to digitize receipts is a big win for the retail-fintech startup, which has designed and developed ‘smart’ and interactive itemized receipts that also reminds customers about return periods and warranties. It also has plans to integrate its platform with bookkeeping platforms to help with tax time in the future.
Paul Weingarth, Co-founder and CEO of Slyp said receipts are always a burden for shoppers, have a negative impact on the environment and create unnecessary cost for businesses. Smart Receipts enable businesses to offer a frictionless and seamless customer experience far beyond what we know it as today. Slyp team is thrilled to collaborate with NAB in bringing Slyp Smart Receipts to millions of Australian customers, said Weingarth.
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