Every week seems to see new features and products coming from the fintech and banking sector – and this week we have a new feature from banking tech unicorn Monzo in the form of a partnership with award winning startup Flux.
The concept behind Flux and the tech it is bringing to the Monzo platform is to allow users to see itemised receipts at specific retailers, directly in-app, removing the need for paper receipts.
According to stats, in the UK we produce in the region of 11 billion paper receipts per-year, many of which are just thrown straight into the bin.
Reducing this wasteful environmental impact is good for everyone, but what is the specific advantage to the individual getting a receipt on your phone instead of on paper?
Keeping the receipt on your phone allows you to log into your bank account, look back and see a detailed breakdown of spending over time. Not just where you have spent your money – now you will be able to see exactly what you have spent your money on – at participating retailers currently, anyway.
Currently in the UK Flux & Monzo have retailer support for the new digital receipt service from EAT, Itsu, Pure and Pod – with more to come in 2019.
To connect the service, make sure your Monzo app is updated to the latest version, then simply make a payment at one of the retailers listed and click through to view transactions.
You will be asked to connect Flux and can follow the instructions from there.
In the future the service could also expand to include offers and deals from specific retailers.
This is just the beginning. Over the next few months, we’ll be working with Flux to include even more retailers. Some stores also bundle loyalty offers and rewards into their receipts, so next time you’re out grabbing lunch, make sure to try it out
According to a post on the Flux blog, Monzo decided to extend the partnership after a closed trial of the Flux service in 2018.