The future is paperless. Today, brands are starting to shun paper receipts as a way of adapting into a more digital environment and to operate more sustainably.
Businesses are now shifting to e-receipts as an alternative. However, e-receipts require stores to collect a customer’s email address and personal information, which may be an inconvenience as some customers do not like disclosing sensitive information for privacy reasons. Retailers can also use this to spam a shopper’s email address with marketing content.
This is where Melbourne-based fintech startup 1receipt comes into the picture.
1receipt substitutes paper receipts, and it issues, stores, retrieves, and manages digital receipts in a smartphone app. Shoppers can easily retrieve their e-receipts by scanning an exclusive barcode on their phone at checkout point.
Unlike other digital receipts, shoppers are not required to share any personal information to retailers.
According to 1receipt, it solves and addresses multiple issues such as:
• It saves millions of dollars (for example: it annually costs $350M of paper receipts only for ten major retailers in Australia). The papers are wasted and just goes to the trash bin.
• Over 8.5 million trees cut every year only for producing paper receipts. As such, 1receipt can help mitigate cutting and usher a more sustainable option. 1receipt also adds that it can stop the dumping of at least 3.3 million kg/year paper wastage in Australia.
• It's hard for the retailer to convert regular shoppers to loyal members at the point of sale.
• There is a risk of sharing data on email and SMS receipts.
• US researchers have confirmed that touching paper receipts can cause cancer.
1receipt has started implementing in IGA stores in Melbourne and are working with point of sale (POS) providers in Australia to integrate the app into their POS.