Barclays Partners with Fintech Flux to Add Itemized Digital Receipts to Its Banking App
Flux, the London-based fintech has built a technology platform for banks and merchants to power itemized digital receipts and has seen its pilot success with Barclays.
Announced formally today though actually rolled out a few months ago Flux-powered digital receipts are now available as an opt-in for all UK Barclays debit card holders within the bank’s main mobile banking app. Initially, the function was only available within the Barclays Launchpad app, which is available for customers who would like to try out experimental or upcoming features.
At the beginning of last year, Barclays announced that it has invested in Flux, taking a minority stake. Flux used Techstars-powered Barclays accelerator in its very early days. However, not all accelerators lead to great outcomes as corporates are notoriously risk-adverse. This one certainly wasn’t rushed but it is meaningful regardless, giving Flux a major shot in the arm in reaching mainstream banking customers beyond the existing challenger bank partnerships it has forged.
Barclays said, “Customers of the bank, who pay with the Barclays debit card for in-store purchases at shoe retailer Schuh, food outlets like Papa Johns and, and H&M will see their receipts sent automatically to their app after making a purchase. They can then view their receipts securely whenever they need by just tapping on the transaction.” Barclays customers will also receive a prompt to set up digital receipts when they buy products from retailers currently on-boarded to Flux.
Founded in 2016 by former early employees at Revolut, Flux bridges the gap between the itemized receipt data captured by a merchant’s point-of-sale (POS) system and what little information shows up on your bank statement or your banking app. Off the back of this, it can also power loyalty schemes and card-linked offers, as well as give merchants much deeper POS analytics via aggregated and anonymized data on consumer behavior, such as which products are selling best in unique baskets.
Along with Barclays, Flux has also partnered with challenger banks – Starling and Monzo. Once banking customers link their accounts to the service, Flux delivers digital receipts, rewards, and loyalty for transactions at Flux retailer partners.
In the long term, Flux wants to become a standard for the interchange of digital receipt data and the proprietary platform that powers that standard but has always faced a problem. It requires bank integrations to sign up merchants and it requires merchant integrations to sign up banks.