The FinTech Report Podcast: Episode 21: Interview with: Paul Weingarth, Co-Founder, Slyp

Paul Weingarth, Co-Founder of Slyp

Prior to co-founding Slyp, Paul worked for the Commonwealth Bank, Microsoft and PayPal.  Paul’s now on a mission – he wants to end paper receipts and plastic loyalty cards; how is it that in 2022 we tap our phone or card or watch to make a payment in-store, then we are handed a chemically coated non-recyclable piece of paper to keep a record of the purchase. 20,000KM of paper receipts are printed every day in Australia. Imagine what the global total is?

About Slyp: https://www.slyp.com.au/home 

With Slyp you can pay with your bank card and automatically receive an itemised tax receipt inside your mobile banking app or via SMS, at no cost – Slyp calls these ‘smart receipts’ – A Smart Receipt is a tax compliant, easily accessible proof of purchase that lives directly in the mobile banking app, or via SMS - Slyp is available in the NAB banking app and other banks will follow soon.  Slyp has navigated unchartered territories by becoming Australia’s only independent fintech to gain the backing of all four major banks.

 
'Obsessive Customer Disorder' leads Slyp to digitise receipts and loyalty for Australia’s Big Four Banks

Key points in the conversation:

•Contactless payments is only half finished; Slyp wants to end paper receipts – the ‘last mile’ of the payment process
•Paul and the other Co-Founders are obsessed with the customer – Paul calls this ‘OCD – Obsessive Customer Disorder’
•Nothing good comes from paper receipts
•Paul’s PayPal experience helped him understand the payments process
•The Slyp Smart Receipt has been built on ‘pipes’ that haven’t been connected before
•Slyp integrates directly into the POS terminal (Point of Sale); merchant side
•Plus Slyp has built pipes into the banks, so connecting/matching transaction to receipt in a few seconds
•Everything is standardised – so Slyp is the one provider that offers a standard experience for all banks (Apps) and all Merchants
•Often standardisation & collaboration happens because of regulation (eg EFTPOS, NPP, Open Banking); but Slyp wasn’t driven by regulation – it’s driven by Slyp.
•Slyp receipt is inside the customer’s banking app; receipt is displayed inside the banking App. Completely frictionless for the customer.
•Fully tax compliant tax receipt. 
•For Slyp, the receipt is just the start – the customers digital data is available to the Merchant; so the Merchant now has the possibility of starting an ongoing relationship with the customer; eg loyalty, tailoring offers. 
•Who owns the data? – all parties to the process; Slyp, the Merchant, and the bank, all retain their component parts to the data, and Slyp wants to provide the insights for all parties – Paul uses the term “Data for Delight” – Paul says Slyp is the “Switzerland of the system”
•NAB now, the other three banks in the next 12-18 months
•Slyp Smart Receipts will always be free. 
•Business model is a SaaS model for the banks, and Freemium service for the merchants; they can take up additional services if they want.
•Australia is a great place to start a fintech. Australian consumers who love using new technology, and adopt new technology very fast, especially mobile and payments.
•The fintech and banking eco-system is a leader in contactless payments. 
•Concentration in banking of the four majors (NAB, CBA, Westpac, ANZ), plus two large / dominant merchants/supermarket chains (Coles, Woolworths), plus only two card providers (Mastercard, Visa) means it was easier for Slyp to create a standardised product. Paul says this set-up is ‘the perfect storm”
•Funding: Slyp has received investment from all four of Australia’s big banks: NAB, ANZ, CBA and Westpac – the first time ever in