Digital Receipts

Fintech Accelerator
Financial Innovation Lab, an initiative of UNCDF, BNM, MDEC & MetLife to promote digital financial inclusion, has opened applications for its pioneer 2019 cohort. A briefing on the program is scheduled for Wed, 9th January, 2019, 10am @ KL.

Digital Receipts
One of the areas the Lab seeks to explore is the use of digital receipts, of which a brief survey follows.

Current ewallets record the date of payment, payee (eg. KFC), and amount. Though aggregated, this information can assist in financial management via apps that could broadly classify expenditure (eg. 10% on dining, 20% on groceries, 30% on entertainment etc).

The next step up is full digital receipts like what is printed on paper receipts. For example, a visit to a an Asian fusion eatery (AFE) may result in the following receipt:
  • Char Kuey Teow with extra raw cockles and added fried egg on top (MYR 15)
  • Double Cheese Burger with fries (MYR 20)
  • Milo Kau Ping Gah Dai (Iced Milo with extra Milo and sugar) (MYR 10)
The digital receipt would include the date, payee, total amount and the above details (preferably to a standard usable for claims and tax filing). With this, expenditure can be more finely classified (eg. 10% on KFC, 20% on cigs, 30% on 4D etc). This level of data resolution is highly sensitive for both the user and merchant.

A further step up is to include traceability in the receipt. Example, for the burger:
  • Double Cheese Burger with fries (MYR 20)
  • Bun: Lot 112233, Burger: Lot: 445566, Cheese: Lot 778899 etc.
Thus, if the user gets tummy ache after eating the burger and there are other cases of tummy ache, health investigators can check the lot numbers recorded in the receipts. If all of them have Cheese Lot 778899 in common, the cheese might be the culprit.

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