Klipit Founder and CEO Venkat Reddy talks about changing the way consumers and businesses handle receipts

Keeping payment receipts is a great way to keep track of your expenses, cash flow, and compensation, but maintaining and organizing these pieces of paper can often be extremely tedious. It turns out. And to tackle this issue head-on, Klipit, a blockchain-powered digital receipts platform that can unify receipts for all purchases and payments, was launched in the UAE this year.

“We believe our solution is revolutionary as it aligns with modern consumer preferences and behaviors, especially in the GCC region. [our studies show that] “76% prefer digital receipts,” said Venkat Reddy, Founder and CEO of Klipit. “This innovative shift from traditional paper-based systems to a digital approach not only simplifies receipt management, but also significantly reduces paper waste and addresses critical issues.” concerns. Klipit fundamentally changes the way consumers and businesses handle receipts, moving them from cumbersome paper-based to streamlined digital solutions. This is particularly innovative because it not only simplifies receipt management, but also addresses environmental concerns by reducing paper waste. ”

At this point, we might need to add some context to Klipit’s sustainability-focused approach. A 2023 report by The World Counts, a digital platform that provides facts and research on global environmental awareness, shows that approximately 26% of the total waste in landfills is paper. But more specifically, through research conducted by the Klipit team, the creation of receipts consumes more than 250 million gallons of oil, 10 million trees, and 1 billion gallons of water each year. It turns out that. United States alone. Additionally, receipts are often coated with an industrial chemical called bisphenol A (BPA), which is traditionally not recyclable and is known to contaminate other recyclables. And according to Reddy, it’s Clipit’s ability to address such issues that creates its unique selling proposition. “In today’s retail and financial sectors dominated by traditional practices, Klipit stands out as a forward-thinking solution that combines convenience and sustainability, setting new standards in customer experience and business operations. ” Reddy says. “In fact, the idea for Klipit was born out of a personal struggle with managing large numbers of paper receipts and the need for a more sustainable option. We recognized the universal need for a practical and environmentally friendly solution: our research shows that 77% of people have lost a paper receipt.”

Related: Infographic: Adoption of digital payments in Saudi Arabia

Aiming to establish itself in the UAE’s increasingly digital business ecosystem, Clipit wants to be known as a disruptor in the sectors in which it operates. “The response so far has been very positive, with both consumers and retailers appreciating the convenience and environmental benefits,” says Reddy. “Looking to the future, we see Klipit not just as a receipt management system, but as a platform that will revolutionize customer engagement and retail analytics. We plan to integrate more features, such as, to make Klipit an integral part of businesses’ daily transactions.”

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Eureka! Venkat Reddy on how to turn ideas into great things

Identify common pain points “Start by looking at the everyday problems and inefficiencies that people face. Ideas that solve widespread problems are more likely to be successful.”

Use technology innovatively “Don’t use technology just for the sake of it; instead, use it to create solutions that are easier, faster, or more fun than current alternatives.”

Focus on user experience “Your idea has to improve the user’s life in some way. It has to be intuitive, easy to use, and genuinely useful.”

Think about sustainability “Think about how your idea can contribute positively to environmental and social issues. Sustainable solutions are increasingly valued by consumers and can make your idea stand out. ”