The deal will allow CBA’s 7 million digitally active customers to receive automatic and itemised digital receipts in their banking app when they pay with their card or digital wallet at participating retailers.
Following Commonwealth Bank’s investment, all four of the major banks will now have a minority equity stake in Slyp, – the first time, it reported, that an independent fintech has had the backing of all of the big four.
As part of the deal, CBA general manager of payments, development and strategy Albert Naffah has taken a seat on the board of Slyp.
The board also holds other big four representatives: Ron Spector, managing director of ANZ’s innovation and venture capital arm ANZi, Todd Forest, managing director of NAB Ventures and Glenda Crisp, chief data officer at NAB.
Slyp’s receipt application, which is able to be embedded into existing banking apps, directly integrates receipt information from merchants’ point of sale systems for customer’s cards. CBA stated the feature will make it easier for customers to manage returns, warranties and financial management.
Paul Weingarth, chief executive and co-founder of Slyp said the partnership was a “major breakthrough” for the Slyp network, an opportunity to create a unified digital receipt standard.
“To deliver a truly ubiquitous industry standard of digital receipts, we knew early on that we would need to partner with the banks,” Mr Weingarth said.
“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.”
Commonwealth Bank group executive of retail banking services Angus Sullivan said the technology provides an “intuitive solution to an everyday problem”, as well as having arrived during a time when cashless payments have risen.
“COVD-19 has been a catalyst for retailers to encourage contactless, digital payments in their stores,” Mr Sullivan said.
“Digital receipts were a natural extension to this, which will benefit both shoppers and retailers.”
