Shopper Republic has launched Fast Cash, a digital cash back and gift with purchase system that reduces the traditional claims cash back process from an average of 50 days from purchase to 24 hours.

Fast Cash allows consumers to upload a product photo and receipt via a smartphone to have a cash voucher is returned to them within 24 hours.

Shopper Republic business development director, Jason Bentley said that with 76 per cent of purchase decisions made at the point of sale, cash backs are a critical element of product marketing strategies.

“The long lead times to redemption – consumers wait an average of 50 days from purchase – means the mechanic has not kept pace with the digital world,” said Bentley.

“Fast Cash puts the promotion reward into the hands of the consumer within 24 hours of purchase and we see this as a revolution in cashback management.

“Our research tells us that 85 per cent of consumers will participate in a promotion if the reward is instant, and in the world of cash back promotions, Fast Cash is as instant as it gets.”

Fast Cash is also cheaper for retailers than existing cash back systems in Australia. Fast Cash claims the cost of a cash back fulfilment is 50 per cent cheaper using the system than current cash back redemption costs.