Flux: The End of Paper Receipts & Loyalty Cards


(Matty Cusden-Ross) #1

We think it’s insane that today you can go from using 21st Century technology of contactless payments to 100BC tech of paper receipts :scream:. Flux has been built to solve that.

A bit about us
Flux was founded by Matty, Tom & Veronique, the 1st, 2nd & 4th employees from Revolut, we’re now in the Barclays Techstars Accelerator and are on a mission to make receipts meaningful and rid the world of paper receipts.

What we’re doing
We think it would be awesome to automatically link shopping receipts and rewards to your Monzo card, so no extra steps at checkout and no more paper! We’ve built a demo, this is how it looks:

Below, you can see the difference between a normal and enhanced transaction. WARNING: normal transactions will never be the same… :wink:

We’re reaching out to you, the :monzo: community, to get feedback and suggestions on how we can bring your receipts to life and deliver massive value!

We’d love to know:

  1. What other information would you want on your receipt?
  2. How valuable is automatically receiving loyalty points?
  3. How interested are you in getting suggestions or offers based on what you’ve purchased before?
  4. What else would you like to see after you’ve made a transaction?

Shout out if you have any other feedback and please let us know if you have any questions :blush:

  • The Flux Team

Flux: Free Giveaway! 🎁
Thinning The Wallet - Digital Loyalty Cards
Crazy Ideas for Transactions receipts
Offer retailers a way to provide additional information about a transaction
1st thoughts
Other bank accounts in your Monzo App?
Link Loyalty cards to account
Switching Energy provider offer in feed
Loyalty Card Suggestions
TfL info improvements with check in/out locations and times
Splitting Cash Withdrawals into Several Categories
Sustainably - a Save the Change Integration for Monzo
Pin specific transactions/ items to top of feed
Receipt adding
OCR of receipts
(Alex Sherwood) #2

Great demo :slight_smile:

First, to answer your questions -

  1. I’m not sure
  2. [3. in your post] That depends on how easy it is to automatically redeem those points! :wink:
  3. I’m not.
  4. My points balance for that merchant & what that translates to, in terms of the monetary value, if applicable.

The bit I’m most curious about here, is how you’ll get buy in from merchants to provide the data that you need in order to produce itemized receipts? It seems like this has been one of the main stumbling blocks for services like yours up until now…


(Tommy Long) #3

The issue as I see it is that you’ll only get the receipt data from payment providers that pass that data along and as soon as they start passing that data along then Monzo will likely integrate with it directly. Unless you have an exclusivity deal on receipt data then you don’t really have anything…


(Marta) #4

Thanks for sharing this with us. :slight_smile: I’m probably not your typical user, so please don’t take it personally!

First of all, this doesn’t quite explain how it works. I don’t have to scan receipt, Flux somehow magically will obtain receipt from merchant? It means it won’t work for all merchants, only merchants Flux integrates with? If my assumption is correct, that would make me ‘meh’ the whole concept and I probably wouldn’t become a regular user.

I’m not sure I’m happy with Monzo being ‘overtaken’ by third party app. Monzo is for Monzo. I don’t mind viewing this level of details in Flux app (discreet logo/button in transaction details would open details in Flux app).

I’m generally suspicious of things that offer me ‘best deals’ and loyalty rewards. I don’t think that managing receipts would be good enough to potentially(!) be constantly spammed with offers. I understand that commission from offers would be revenue source for Flux, right?

Answering your questions:

  1. I couldn’t quite see what’s there in demo, but I would need same data as on real paper receipt (=no data is lost).
  2. Not valuable at all, I perceive loyalty rewards as traps. I might be a bit paranoid or I didn’t join good enough loyalty rewards scheme. Flux would need to do a lot to convince me to try caring about loyalty rewards. :smiley:
  3. NOT interested at all, it’s spam. :sweat_smile:
  4. I’d like to know how long item is on warranty or up for refund. It would save me a lot of time going through T&C, remembering that keyboard 1 year, monitor 3 years and so on.

Other things:

  • I want receipt to be printable.
  • I want receipt to be ‘good enough’ that I could return item based on digital receipt.
  • (related to what I said in point 4) Showing a prompt 1 month before end of warranty and 3-7 days before end of refund period would be helpful. For subscription based purchases, showing prompt few days before renewal.

#5

Couple of questions from me before I give my valuable feedback :grin:

If you are from Revolut or Barclays why are you designing add-ons for Monzo? Is this really a product for Revolut or Barclays but you are tapping this forum because of the better responsiveness of user base?

How does the product data get into the transaction data - is this a feature with iZettle terminals or is there some unique way you’ve thought of to get that data through?

I think getting your loyalty points and rewards added without having to faff about is a fantastic opportunity, wishing you luck as you are the first to tackle it to my knowledge!


(simon) #6

Do you have twitter or some way we can follow you?


(Tommy Long) #7

If you’d spent about 10 seconds Googling you’d see that they’re not from Revolut or Barclays… they’re former Revolut employees who have set up a new company, and the company is 6% owned by Techstars.

And they’re not the only people to tackle loyalty points and rewards… Tom has spoken on multiple occasions about how he views it as one of the main things he wants to achieve with Monzo! :stuck_out_tongue:


#8

My post was positive so not sure why you need to gun me down! I said they are the first group i’ve heard of to actually tackle it not the first person to ever think of it. Where can I download Tom’s add-on which automatically stacks my loyalty points? oh there isn’t one…


#9

And there is also https://www.tapandtag.co.uk/ who issue e-receipts without having to give out a email (which the likes of Halfords do)


(Tommy Long) #10

Sorry if it sounded aggressive, it wasn’t supposed to.


(Matty Cusden-Ross) #11

As easy, if not easier than with a stamp card :wink:

Have changed and big thanks for answering the questions! :smile:

Awesome question! Key factors preventing retailers from adopting technology are increased time at till and substantial resource investment. By linking receipts directly to payment cards we reduce time at till and overheads because no paper printing. Additionally, we’ve made merchant integration turn key.


A few features ideas
(Matty Cusden-Ross) #12

Payment providers don’t have access to receipt level data they only get basket data, you can see the difference in the second video above. Only the point of sale sees receipt data and currently there’s no aggregate provider for this :wink:. It’s possible that Monzo decides to go down this route but it seems like a bit of distraction from their core value props.


(Matty Cusden-Ross) #13

Huge thank you @Avishai for giving such a detailed response, it’s so helpful!

All feedback welcome here! :smile:

That’s right, automagically :crystal_ball:

You’re absolutely right, this is the part we know sucks in the beginning which is why we would only target a very small area in the beginning and get a lot of adoption there before expanding.

That’s completely fair. It’s something we’re very conscious of too as the ‘feel’ needs consistent and be right for you.

Amen :pray: ! We hate spam too, I have an embarrassingly large number of unread email due to spam and have ZERO interest in contributing to that. Initially we’d just offer your usual stamp card and then later would look offer suggestions that are relevant. We only win if we provide awesome value.

Thanks for answering my questions and that would be guaranteed :smile:

That’s a great suggestion, would you like to be able to automatically renew warranties if they were about to run out?


(Matty Cusden-Ross) #14

With pleasure! :smile:

Yup, @tommy5dollar is right. We’re ex-Revolut and now part of the Barclays Techstars Accelerator which a program for Fintech startups in London.

We have a plug in extracts data from the point of sale, in the video it’s iZettle but we can work with anyone.[quote=“rarther, post:5, topic:7951”]
wishing you luck
[/quote]

Thank you!


(Matty Cusden-Ross) #15

You’re absolutely right, there are many companies trying to do this although we’re the first to do linking direct to payment card and therefore frictionless for consumers.


(Matty Cusden-Ross) #16

Yup, Tap&Tag also are running a pilot with Tesco but again the customer experience is very poor require extra apps changing consumer behaviour which is notoriously tough!

Other competitors are the likes of Yocuda and yReceipts - they require entering an email address at checkout :rolling_eyes:


#17

For me the issues are:

With paper receipts I can fill my wallet with receipts from three different cards and not be tied to one, I have original receipts for warranty claims/work expenses/competition entries/audit etc purposes where a hard copy is needed, I can write on them, I can attach them to warranty cards, give them to people for reimbursement, sort them into different orders, visually see more than one at a glance…

I think it will be a long time before this happens.

Also I assume the most likely shops to want to move to ereceipts will not be small one outlet mom and pop stores but large chains and where such chains already have large loyalty schemes it seems more likely they will do their own thing.

Finally as a consumer if there are three similar schemes running rather than pick all I would probably pick none. I would only be interested if the majority of retailers used it. If it was somehow done in association with MasterCard or Visa or someone with reach to all retails then that may be possible.

That said…good luck


(Matty Cusden-Ross) #18

Completely valid, this kind of technology will likely take a significant amount of time to reach total adoption.

Also, I agree. We don’t want to offer our own loyalty scheme, we’ll be letting retailers offer their own loyalty whether it’s a stamp card for a local coffee shop or a Boots Advantage card. We want to make receiving and redeeming seamless for the consumer.

Thank you! :smile:


(Matty Cusden-Ross) #19

Yup! :smile: https://twitter.com/tryflux


#20

on the plus side if you can ditch half a dozen loyalty cards from your wallet and use this instead that is a big selling point