Flux and Barclays Expand Digital Receipt Access

Flux, a London-based fintech company specializing in a technology platform for banks and merchants, has successfully concluded a prolonged pilot program with Barclays. This collaboration is designed to enhance digital receipts and offer additional functionalities.

Formal Rollout After Initial Testing

The expanded availability of Flux-powered digital receipts, officially announced today but implemented several months prior, is now accessible to all U.K. Barclays debit card holders. This feature is integrated directly within the bank’s primary mobile banking application.

Previously, access to this functionality was limited to users of the Barclays Launchpad app, intended for customers interested in testing experimental features.

Strategic Investment and Partnership

Barclays’ earlier investment in Flux, acquiring a minority stake, foreshadowed this strengthened partnership. Furthermore, Flux participated in the Techstars-backed Barclays accelerator program during its initial stages.

While corporate accelerator programs don't always yield positive results due to inherent risk aversion, this partnership has proven beneficial. It provides Flux with a significant opportunity to reach a broader customer base within mainstream banking, extending beyond its existing relationships with challenger banks.

How the New System Works

According to Barclays, customers utilizing their debit cards for purchases at retailers like H&M, schuh, Just Eat, and Papa Johns will now receive their receipts automatically within the app following the transaction. These receipts can then be conveniently and securely accessed by tapping the corresponding transaction.

Importantly, while participation is opt-in, Barclays customers will be prompted to activate digital receipts when making purchases from participating retailers.

Flux's Core Functionality

Established in 2016 by former Revolut employees, Flux addresses the disconnect between detailed receipt data captured by a merchant’s point-of-sale (POS) system and the limited information typically displayed on bank statements or mobile banking apps.

This capability enables the implementation of loyalty programs and card-linked offers. It also provides merchants with enhanced POS analytics through aggregated, anonymized data on consumer purchasing patterns, revealing top-selling products and common item combinations.

Existing Banking Partnerships

In addition to Barclays, Flux has established partnerships with challenger banks Starling and Monzo. When banking customers connect their accounts to the service, Flux delivers digital receipts, along with available rewards and loyalty benefits, for transactions at participating retailers.

Future Vision

Flux’s long-term objective is to establish itself as the industry standard for exchanging item-level digital receipt data and the platform that facilitates this exchange. However, the company has faced a challenge: securing both bank and merchant integrations is crucial for widespread adoption.

The full launch with Barclays represents a significant step forward in Flux’s development and growth trajectory.