CBA jumps on ANZ, NAB, Westpac-backed Slyp for digital receipts

Commonwealth Bank's funding now sees all big four banks have a minority equity stake in Slyp.

CBA jumps on ANZ, NAB, Westpac-backed Slyp for digital receipts

The Commonwealth Bank of Australia (CBA) has announced the availability of digital receipts, thanks to an investment in local fintech Slyp.

Slyp's tech allows customers to automatically receive an itemised digital receipt in their banking app when they pay with their card or digital wallet at participating retailers.

Its digital receipt application is embedded into existing banking apps.

Speaking with ZDNet previously, one of Slyp's three co-founders Paul Weingarth explained the proposition not only allows customers to receive in-app receipts, but it also enables merchants to better track their customers.

"At the end of the transaction we still get these antiquated, old school paper receipts and receipts today as we know them are relatively one-dimensional and they're used to make a claim for a proof of purchase -- be it a warranty or return or an expense claim -- they're also cumbersome and painful," Weingarth said.

"As we move into a digital and smart world, these paper receipts are being left behind."

CBA's retail banking group executive Angus Sullivan said the partnership with Slyp comes at a time when retailers have been increasing their focus on cashless, brought on by the global COVID-19 pandemic.

"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," he said.

In November 2018, Slyp secured AU$2 million in funding from NAB Ventures, the corporate venture capital fund of the National Australia Bank (NAB), which included investors such as rival bank Westpac's Reinventure fund.

ANZ bank then jumped on board in September, with Slyp securing AU$4 million from the blue bank, in addition to NAB and Westpac, bringing the fintech's total funding to AU$7 million to date.

With CBA's investment, all four of the major Australian banks now have a minority equity stake in Slyp.

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