Bird & Bird has advised ReceiptHero, a fast-growing FinTech start-up building an ecosystem of digital receipts, in two major strategic partnership agreements which allow ReceiptHero to use transaction data from Visa and Mastercard. The collaborations will lead to ReceiptHero scaling their operations across Europe, and subsequently providing more merchants with the opportunity to send receipts to customers digitally.
ReceiptHero will leverage the platforms of Loyal Solutions and Mastercard as well as the Visa Offers Platform for real-time transactions to be used as part of the digital receipt delivery process. Unlike email or paper receipts, a digital receipt automatically matches the structured purchase data to the right transaction. Having both card networks providing technical support to ReceiptHero will lead to a significant step forward in making digital receipts widely adopted.
With ReceiptHero’s platform being fully operational in Finland for just two years, the company has activated thousands of merchants across the country. Digital receipts allow merchants and consumers to analyse their purchase data and to better understand their consumer behaviour, while also being a more sustainable alternative to paper receipts.
Joel Ojala, CEO of ReceiptHero, says: “Delivering truly digital receipts might sound like a simple task, but in reality it requires the customer, business and payment provider to work together to make it the new normal. We are glad Bird & Bird expertly helped us through these important steps in our journey to rethink the receipts.”
Henri Kaikkonen, partner and head of Bird & Bird’s IP practice group in Finland comments: “I’m pleased our cross-practice Digital Rights & Assets group was able to serve as advisor in these partnerships as they are a future-focused step towards a more ecological world and an important milestone in making digital receipts widely adopted. Collaborating with ReceiptHero is rewarding work due to their pioneering business model – not to mention that it is always fun to work with them.”
The negotiations with Visa and Loyal Solutions were led by partner Henri Kaikkonen (IP, Helsinki) with support from senior counsel Tobias Bräutigam (Privacy & Data Protection, Helsinki) and associate Riku Rauhanen (Commercial, Privacy & Data Protection, Helsinki).