Fintech Slyp scores NAB as the first bank to roll out its smart receipts

Big four bank NAB has is introducing ‘smart receipts’ by Sydney fintech Slyp onto the bank’s mobile app in an Australian first.

Slyp, founded three years ago by former PayPal and ANZ executives Paul Weingarth, Spiro Rokos, and Mike Boyd, already has the backing of the big four banks as investors, including NAB Ventures.

The move to digitise receipts is a big win for the startup, which has developed ‘smart’ and interactive itemised receipts that can also remind customers about warranties and return periods amid plans to integrate with bookkeeping platforms to help with tax time.

NAB customers who opt in will automatically receive itemised smart receipts from participating retailers on the NAB app. They initially include Chemist Warehouse, CUE, Barbeques Galore, and Harris Farm,  with the bank saying it expects to add hundreds of additional retailers to the network in 2021.

The bank’s customers can also scan and save receipts within the NAB Mobile App from non-participating retailers.

NAB Executive Ana Marinkovic said the feature will benefit both customers and retailers.

“We often hear from customers that receipts are lost or not needed, so we think the smart receipt will make life a lot easier for them. If the customer ever needs to look back or share the receipt, it’s there inside the NAB app,” she said.

Slyp co-founder and CEO Paul Weingarth said: “Receipts are a burden for customers, create unnecessary cost for businesses and have a negative impact to our environment. The introduction of smart receipts allows businesses to offer a seamless and frictionless customer experience far beyond what we know it as today.”