if you think about it, the receipt is, in many ways, an extension of the payment transaction itself — a more detailed version. Why not store it against that? I’m sure there would be a huge show of hands if I asked how many times anyone has looked at their bank statement and wondered about the details of a particular transaction; whether it is an unfamiliar business name or just wanting to be reminded of what they bought at the hardware store a few weeks back. Accountants spend countless hours trying to marry the two together – why not have it done automatically?
Consider a solution whereby, at the point of sale, a digital version of the receipt is transferred along with the payment transaction to your bank or financial institution. Consumers would have one place for all their receipts and could access them by simply logging in to their bank account via PC or tablet or maybe a digital wallet on their smartphone.
Editor’s note: Mark Johnson is CEO of Receipt Reliance Pty Ltd, a company formed to promote the idea of digital receipt storage at your bank. Mark has 23 years experience working in the point of sale industry and is an avid financial technology follower.
What’s happening with digital receipts? The answer to that is a lot. The last five years or so have seen an explosion of ideas surrounding the capture, management and storage of digital receipts. There has been a mad rush by startups and merchants trying to capitalise on the enthusiasm typically generated by a new and innovative concept, and it seems, in the process, they have lost sight of the main beneficiary and owner of the receipt – the consumer.
Arguably, the most common strategy for digital receipts at the moment is the email, and retailers have wasted no time taking advantage of consumers wanting to…
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