Need to Know
- Barclays customers who pay using debit will be able to access itemized receipts within the Barclays app for purchases at H&M, shoe retailer Schuh, and Just Eat and Papa Johns.
- The new function is the result of an investment by Barclays in UK fintech Flux, in which it owns a minority stake.
- Itemized receipts had previously been available as a pilot to users of the Barclays Launchpad app, which allows customers to try out experimental or upcoming features.
UK bank Barclays has launched a new tool allowing its customers to see itemized receipts for purchases directly within the bank’s app.
The new tool is an extension of Barclays’ minority-stake investment in fintech Flux. Customers who make purchases using their Barclays debit card at H&M, shoe retailer Schuh, Just Eat and Papa Johns will now be able to see itemized receipts within the Barclays app, reducing the need for paper receipts and providing a new tool that appeals to an increasingly contactless retail environment.
The itemized receipt tool is opt-in, and Barclays customers will receive a prompt to set up itemized receipts within the Barclays app when they make debit purchases with participating retailers. To set up the feature, customers will log onto the Barclays app, navigate to the “Products” tab, and then select “Digital Receipts”. The itemized receipts function had previously been available as a pilot to users of the Barclays Launchpad app, which allows customers to test experimental or upcoming digital features from the bank.
The new function comes just over a month after Barclay’s launched its mobile virtual card, Precisionpay Go, which will let companies issue virtual cards for their employees’ online purchases.
Flux, which was founded in 2016, links itemized receipt data captured by POS systems to mobile banking apps, and can also give merchants new data on consumer behavior. In addition to receiving a substantial cash investment from Barclays, Flux was also part of the bank’s startup accelerator program, Rise.
The new Barclay’s tool is part of an overall trend that has seen banks offering more granular, detailed data within their apps. Similarly, in September 2020, Mastercard and Ethoca partnered for a tool that will display information such as company logos and more detailed merchant names within Mastercard’s app, so customers can more easily identify purchases.