FinTech startup Flux has begun pilot trials of a service that will convert paper receipts to mobile data services.
Finextra reports that Flux, which was founded by three of the first four employees of money transfer firm Revolut, is partnering on the service with retail chains Eat and Bel-Air and digital challenger bank Monzo.
Right now, when a customer looks at their bank statement, they can only see the retailer’s name, the total amount and the date. With this new service, consumers will be able to see each item bought, as well as any connected information such as loyalty points earned through the purchase of that item. Flux says its code can match purchase-level data to a consumer using their credit or debit card without interfering in the payment process.
“We built Flux because it’s completely insane that today we pay with twenty-first-century contactless and are still handed a 100 BC paper receipt,” said Matty Cusden-Ross, CEO and founder of Flux.
The pilot with Eat and Bel-Air will take place in London EC1/EC2 located stores, while Monzo customers will be able to link their card to the Flux platform for e-receipt capture. Flux is currently participating in the 2017 Barclays Accelerator and has so far raised $120,000 from Techstars.
The company said its software will also help banks by reducing queries relating to chargebacks, while retailers will be able to generate greater loyalty through push notifications of stamp points.