Fintech firm, Flux, helps Barclays deliver digital receipts to customers
Barclays has become the first of the UK high street banks to offer digital receipts to customers, after partnering with the fintech start-up company Flux.
It means that customers will be sent an itemised receipt straight to their online banking service when they use their Barclays debit card at a number of retailers, including H&M, Schuh, Just Eat and Papa Johns.
It doesn’t apply to all retailers and restaurants yet – individual stores need to sign up to take part – but more are expected to follow.
The receipts are stored with the corresponding transaction within the app or on the online portal, so customers can easily find the receipt if they need it.
Barclays first partnered with Flux in 2017, with a trial of the digital receipt service offered to 10,000 customers. Following the early success, Barclays then invested in Flux in 2020, buying a minority stake in the company. As part of this, it also received a further push through Barclays’ Techstars accelerator to help it grow and reach mainstream banking customers beyond the challenger audience it had already built up.
The service has been available for a few months through the Launchpad app, which gives customers the option to try new features. Today it is not available across the main banking app.
Digital Receipt Potential
The option to view digital receipts will help customers to track and manage their spending better than ever. It also allows for easier bill-splitting when eating out.
Customers who pay using their Barclays debit card for future in store purchases at H&M, shoe retailer Schuh and food outlets, which include Just Eat and Papa Johns, will see their receipts sent automatically to their app after making a purchase. They can then easily and securely view their receipts whenever they need by tapping on the transaction.
Ruchir Rodrigues, Global Head of Digital & Platforms at Barclays says the pandemic has prompted consumers to want things with a lower environmental impact as well as contactless payments.
The introduction of the digital receipts feature in the Barclays app gives customers a way to conveniently get an itemised receipt of their purchase straight into their app, offering them greater control and ease when managing their money.
Flux Position Strengthens
Flux has already partnered with challenger online banks Starling and Monzo, but Barclays is the first high street bank to come onboard. Flux was started by three former employees of Revolut, and it aims to become the standard for digital receipt data.