Press release -
Discovery Bank and Vitality Money clients spent 600 million Discovery Miles this November
Discovery Bank and Vitality Money clients spent 600 million Discovery Miles, adding up to R100 million in purchases, this November.
Discovery Bank extended its Discovery Miles Đ-Day, held on the 15th of every month, to include the full Black Friday weekend from 26 to 28 November. Miles Đ-Day is an opportunity for Discovery Bank and Vitality Money clients to get up to 40% off when spending their Discovery Miles in-store or online at partners – giving clients unprecedented discounts.
Chief executive officer of Vitality, Dinesh Govender, said, “We’re pleased that our clients spent significantly at our partner stores, which was valuable economically. Clients can earn Discovery Miles in many ways, but mostly by getting healthier, driving well and spending responsibly. This means that this R100 million spend value was achieved by our clients simply for living well.”
Real savings encourage spend
Early indications were that spend trends would be lower in 2021 versus Black Friday weekend in 2020. However, online payment gateway PayFast reported a 30% increase in the value of transactions it processed.
“We also noticed that clients transferred Discovery Miles to others and then ‘burned’ or spent them, rather than choosing to convert them into cash in November,” said Govender.
The analytics also show that spend patterns and volumes on Black Friday, 26 November, were similar to those on Miles Đ-Day, 15 November. “This tells us that the monthly Miles Đ-Day event is as valuable to our clients and to our partners as an annual Black Friday event,” said Govender.
The top retailers where clients spent Discovery Miles online, seeing 73% of transactions, were:
- Takealot
- Sportsmans Warehouse
- iStore
- Hirsch’s
- Loot
- Dis-Chem
- Coricraft
- onedayonly
- Yuppiechef
The top retailers where clients spent Discovery Miles in-store, were:
- Sportsmans Warehouse
- Pick n Pay
- Hirsch’s
- Dis-Chem
- Cape Union Mart
- Incredible Connection
- Sunglass Hut
- Clicks
- The Foschini Group
- The Golfers Club
“The list of top retailers is a clear indication that clients spent on essentials as well as on big‑ticket spoils for themselves and their families ahead of the festive season. In tough economic times, we value being able to reward Vitality members’ engagement in our behaviour-change programmes and we applaud our members’ commitment to healthier living, driving well and responsible financial choices,” added Govender.
With Discovery Bank and Vitality, Discovery Miles are more versatile – and with the additional discounts – the Miles are more valuable than cash. On regular shopping days, Vitality Money members already enjoy between 5% and 20% off when they spend their Discovery Miles at online and in-store partners. A client’s saving is based on whether they’ve activated Vitality Health, Vitality Drive, and Vitality Money, and if they have a Discovery Bank Suite.
Vitality Health and Vitality Drive members can also enjoy the ability to spend Discovery Miles at in‑store and online partners when they open a Discovery Bank account and activate Vitality Money.
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About Discovery Bank
Discovery Bank is part of Discovery Limited, a financial services organisation that operates in the healthcare, life assurance, short-term insurance, savings and investment, and wellness fields across 30 markets. Discovery Bank is fundamentally designed differently through its shared-value model. Clients create value as they manage their money well, Discovery Bank shares this value back with them through better interest rates, deep discounts and significant rewards. The overall outcome is that clients experience greater financial wellbeing, and it reduces the risk of defaults for Discovery Bank, making the business more sustainable. It also addresses large-scale challenges, such as increased savings, that benefit society at large. Behaviour change and rewards are enabled through Vitality Money, an AI-powered programme on the Discovery Bank app. This programme gives clients an understanding of behaviours that influence their financial wellbeing and how to manage their money. The better clients do, the higher their Vitality Money status and the greater the value they receive.
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About Discovery Vitality
Vitality is the largest global platform for behaviour change, underpinning the insurance products of leading insurers worldwide, with more than 20 million members in 30 markets. The Vitality model, established by Discovery Limited in South Africa, has been incentivising behaviour change among its clients for over 25 years. Vitality creates shared value by combining behavioural economics, clinical science, and financial incentives to encourage and reward members for taking steps to improve their health. The model began with a focus on health and wellness, and has expanded to include short-term insurance, investments and financial wellness. For more information, please visit the Vitality website or email the Discovery Media Relations Team.
