A new app designed for Canadian consumers is transforming the way people use coupons and making it easier to save money.

The virtual coupon app is called Checkout 51 and makes saving money as simple as taking a photo of your receipt.

Each week, the iPhone app gives users a list of savings on products that can be purchased at any Canadian retailer. Consumers don’t receive the savings immediately. Instead, you pay full price, then snap a photo of your receipt and upload it to the app to receive your credit. When you have reached $20 worth of savings in your account, Checkout 51 will mail you a cheque or you can bank the cash until you’re ready for a payout.

“I've gone to the checkout and I’ve had a stack of coupons and I’m flipping through, and I’m flipping through them as I’m shopping, and I just find the ease of use of this app, you've got it on one screen," said Checkout 51 user Angie Pitre.

"It’s a win for the brands because they can get their offers out there quickly without having to print 10-million coupons and distribute them the old fashioned way," said Noah Godrey, Checkout 51 founder.

For the savviest couponers there may be even more savings to be had. Edmonton blogger Lori Godin has figured out a way to double-dip with paper coupons plus the app.

"You can use a coupon to lower the price, then get money back with Checkout 51 on top of that lower price," said Godin.

The app launched just three months ago and already it has 115,000 members in Canada.  So far, the company has mailed out more than $20,000 in rebate cheques.

The company says there are security measures in place to flag fraudulent behaviour and prevent app abuse. Each redemption is tied to a specific smart phone which can be tracked. There are also limits on how many redemptions you can make per offer each week.