I Hate Receipts Launches App to Improve Purchase Literacy

By Thomas Price Saturday, November 28, 2020

As more and more purchases begin to happen through ecommerce and the use of credit cards, receipts, and financial documents that come with purchases have become more complex and less easily decipherable. As a result, financial literacy is a more difficult skill to obtain in the modern era, leading to the need for tools to help ensure people understand their purchases and expenses. This is where a company like I Hate Receipts comes into play. With the launch of their new app meant to help the average consumer understand their receipts, expenses, and at large, their finances. So, what exactly does I Hate Receipts’ app do, and how accessible is it going to be to the public?

I Hate Receipts and Their Receipts App

I Hate Receipts was founded by their current CEO, Ryan Greene, and is joined by Head of Product, Christopher Walton, and Head of Marketing, Cristi Jakubik. The company’s basic goal, and therefore the app they have launched, is to give consumers access to their purchases in addition to basic understanding and organization of this information. The app itself works with users uploading their receipts into their own personal vault, which then provides item-level details about their purchases. The personal vault is I Hate Receipts’s secure, cloud-based system, which stores all of the purchase information for the user. The data and information is only available to the user and completely protected from potential threats or breaches. Users can upload their receipts by either having them emailed directly into their accounts, which will be processed into their personal vaults or they can manually add them in by taking pictures of the physical receipt themselves.

The app can process and understand the data it is given enough to transform it into line-item detailed reports by employing the use of Optical Character Recognition (OCR) technology. Other accessible features on the app meant to help users include the ability to tag certain items in order to better understand where money is spent. Additionally, users can expense the itemized breakdowns as well as use a massive list of preset categories where they can catalog receipts and purchases. I Hate Receipts has made this app completely free for users with a plan to always have a free version available. However, there are plans in place to later release a paid, ad-free version of the app later this year. As it currently stands, I Hate Receipts’s app is available for download on iOS and available for Android users by the end of the month.

Other App Details and Goals

In order to maintain revenue on their app as the company waits for their paid version to launch, I Hate Receipts has partnered with a collection of different retailers and brands who will use the company’s Merchants and Brands Platform. Through the platform, these retailers and brands will access the ability to promote targeted ads on the app for the free version, which will be optimized by the platform itself to see increased engagement through every step of the user’s transaction.

Another long term goal that I Hate Receipts hopes to achieve is to aptly eliminate all physical receipts from circulation, with their app being a liaison of sorts in encouraging this to happen. According to numbers on the company’s website, physical receipts generate 1.5 billion tons of waste every single year. This would be the equivalent of 25 billion trees or 10 trillion gallons of water. The use of the app, which provides the option of having receipts emailed directly into the user’s personal vault, would be a tool in reducing this waste by replacing physical receipts and solving this environmental problem.

Final Conclusions

I Hate Receipts’s app appears to be a new and solid tool for the consumer looking for a streamlined approach to better understand and organize their purchases. Backed by solid technology and a free interface, the app should be set to see solid popularity with the right promotion. By closely paying attention to its user growth now that the app has been launched, time will tell if the company gets off the ground enough to make a major difference for people in the coming months and years.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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