Finance

Barclays backs Flux to kill paper receipts at the checkout

By Oliver Smith 14 November 2017
Flux co-founders Tom Reay, Matty Cusden-Ross, and Veronique Barbosa.
Summary

Time to wish those annoying tiny pieces of paper goodbye.

Receipts are a mess.

Tiny pieces of paper to prove you bought something, that are easily lost and often misplaced right when they’re needed most.

That’s not even considering all the time you’ll waste standing at checkouts for receipts to be printed, days of time as people dither over whether they want a receipt or not.

Plus UK retailers printed an estimated 11 billion receipts during 2013, each costing about a penny to print, and adding up to a whopping £110m in total.

Surely there’s a better way, and that’s exactly what Flux is building.

Meet Flux

Founded by three ex-Revolut employees, Tom Reay, Matty Cusden-Ross, and Veronique Barbosa, Flux is on a mission to turn your online banking statement into a proper digital receipt.

Forget gobbledegook like ASOSCOM, H3G and MARKS&SPENCERPLC, Flux is working with big banks and retailers to convert these into itemised records of exactly what and where you bought stuff.

“Nobody wants to keep track of hundreds of bits of paper in the 21st century,” explains Cusden-Ross, Flux’s CEO.

“We are determined to digitise the world’s receipts by linking to how customers pay anyways so we don’t change behaviour at checkout.”

Today Flux announced a 10,000 customer trial with Barclays, for their customers to automatically see itemised receipts in real time directly from their Barclays mobile app.

Nothing changes for the customer, you just pay with your regular card, but more information is sent from the retailer which adds more detail to your online banking statement.

Flux has another limited trial ongoing with Monzo, and it has fully launched with Starling Bank.

Right now it’s only working at sandwich shop EAT. and healthy food group Bel Air, but Cusden-Ross says more retailers will be added next year.

If successful Flux could be the beginning of the end for paper receipts.

Saving retailers millions of pounds, saving shoppers days of their time, and keeping a record of our spending habits where it’s most useful, on our smartphones.