London fintech startup Flux has added another partner to its list: the UK food chain itsu. Flux digital receipts are an embellished concept of digitizing receipts, offering more information back to customers and merchants about their transactions.
Flux’s software platform offers merchants digital receipts, loyalty programmes, card-linked offers, and POS analytics via aggregated and anonymized data on consumer behavior.
The deal is only a trial for now and Asian-inspired fast food merchant itsu has agreed to use Flux to issue paperless receipts across all 72 itsu stores.
Flux Digital Receipts
Using the software will also link itsu customers to Flux-partner banks; if a customer pays with a card issued from one of those banks, the customer will receive digital receipts directly into their banking apps when shopping at itsu.
However, Flux has had many trial partnerships, which may be a sign that banks and merchants are somewhat tentative towards the technology. This isn’t unheard of though; what Flux is building “is completely new as [it’s] liberating receipt level data at scale,” and as according to co-founder Veronique Barbosa it is “not unusual for our partners to want to test out the waters and describe our work together as a trial before entering a longer-term commitment.”
Other trial partnerships include Monzo Bank and the more recent deal with coffee giant Costa Coffee. Other banks include Starling Bank and Barclays, with the latter adding it to the Barclays Launchpad app, which showcases the bank’s latest innovations.
On the importance of the start-up’s banking partnerships Barbosa explains:
“For every bank we add on, we unlock the opportunity to provide Flux to those cardholders. With increasing access to cardholders, we can attract more retailers. With more retailers, we can engage the banks, as their cardholders now have more places to use Flux. And so the cycle begins again.”
Flux has deals with other food companies EAT and Pod, both also located in the UK.
Featured Image: Deposit Photos/Kagenmi