The aggregate data confirms a shift to real-time payments and reveals interesting spending patterns such as a preference for online shopping on Mondays.
In this way, the Bank actively encourages and rewards behaviours that improve our clients’ financial wellbeing. “Part of managing money well is knowing exactly what you’re spending money on, where you are possibly overspending and following an accurate and appropriate budget,” Hylton Kaller, CEO of Discovery Bank says.Monthly card spend increased over 30% during 2021 in line with lockdown levels. Spend is returning to pre-pandemic levels with increases in travel and eating out while home improvement and grocery spend decreased as a proportion of total spend.
Clients frequented these brands the most: Nandos, McDonald’s, KFC, Kauai and Mugg&Bean, with clients on Diamond Vitality Health status choosing to opt for Kauai instead of KFC more frequentlyWhen travelling, clients chose London as their favourite international destination, and Cape Town came out on top when travelling locallyDiscovery Bank clients earn Discovery Miles – SA’s first shared-value rewards currency – across all Discovery products and earned roughly Ð4.9 billion in 2021.
“We’re seeing a growing shift to contactless and real-time payments. This is evident from the significant increase in the use of taps.”