NAB has rolled out a new retail technology solution that automatically stores consumers’ receipts in their banking app, cutting down the need for paper receipts when shopping.
The solution, dubbed Slyp Smart Receipts, was developed by Australian fintech Slyp, which is backed by all four of the major Australian banks.
Slyp’s technology integrates directly with the merchant's point of sale system, allowing near real-time capture of the relevant tax receipt information.
The Slyp platform then creates and matches the smart receipt to the customer's bank card, immediately sending it to their banking app.
‘Smart receipts' are a digital version of a tax receipt that are stored in the app and can be searched by merchant, location or amount.
Retailers participating in the program include Chemist Warehouse, Cue, Barbeques Galore, and Harris Farm.
NAB said hundreds of additional retailers expected to join the network in 2021 and the bank will continue to work with Slyp to roll out additional features.
NAB customers can also continue to scan and save receipts within the NAB Mobile App from non-participating retailers, a feature that was announced last year.
NAB executive Ana Marinkovic said the feature will benefit both consumers and retailers as the use of digital payments continues to rise.
“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," Marinkovic said.
"If the customer ever needs to look back or share the receipt, it’s there inside the NAB app."
In May, the Commonwealth Bank of Australia announced it had reached an agreement with Slyp to bring the technology to the CommBank app, allowing customers to automatically receive itemised digital receipts in the app when they pay with their CBA-issued card or digital wallet at participating retailers.