Discovery Bank doubles down on digital banking services

25 November 2020 – Discovery Bank today announced new and even more convenient and safe ways to pay, available with its latest app release. Clients now get up to 20% off when they spend their Discovery Miles online and in-store through the Bank’s partner network, and they enjoy greater convenience and security when shopping with virtual cards. In addition, clients can make payments to their contacts who are Discovery Vitality members through Discovery Pay by simply using their cellphone number.

Every day is Black Friday with Discovery Miles, the world’s first shared-value rewards currency

Vitality Money members can now save up to 20% more when they use their Discovery Miles at the Bank’s online partner network or when they use Discovery Miles to buy value-added services such as airtime, data, prepaid water and electricity. Clients get 5% off for every Vitality programme that they have activated, plus an additional 5% for having a Discovery Bank account and credit card. The discount is structured as follows:

• Vitality Health = +5% discount
• Vitality Drive = +5% discount
• Vitality Money = +5% discount
• Discovery Bank suite = +5% discount

This means that the more clients engage with Vitality, the bigger their Discovery Miles discounts will be through the Discovery Miles online retail partner network. This network includes Takealot.com, Loot.co.za, iStore, Dial a Bed, Coricraft, NetFlorist, Yuppiechef, Zando, Dis-Chem and many more. Discovery Bank clients can also spend in-store by generating a voucher using their Discovery Bank app. This makes using Discovery Miles the most efficient way to shop.

Making payments to stored contacts in a few clicks with Discovery Pay

With Discovery Pay, Discovery Bank clients can make payments without the need for banking details. They can make payments to any of their smartphone contacts who are active on the Vitality programme, which has over 1 million members.

“Discovery Bank clients can send money seamlessly to a Vitality client from their banking app if they have the cellphone number saved in their contact list. We’ll then securely deposit the funds into the existing linked and verified bank account for the Vitality client, which means it is not necessary to share any banking details over email or in other correspondence,” says Akash Dowra, Head of Client Insights at Discovery Bank.

Convenience and security with virtual cards

Virtual cards offer the same benefits as physical cards: travel insurance, purchase protection, extended warranty and rewards. And, there is an additional level of convenience and flexibility for clients with virtual cards because the cards are issued instantly. This means that new clients who join the Bank in minutes will immediately have a card to transact with. Existing clients can easily add a virtual card on the Discovery Bank app.

Discovery Bank recommends using virtual cards for online transactions and subscriptions, and for payment platforms like Apple, Samsung and Netflix. Because it’s possible to have more than one virtual card, clients can select the types of transactions they want to use each card for. This lowers the risk of their bank card being compromised. Clients can also add as many virtual cards as they need – at no additional cost.

Explaining this, Dowra said, “By using both a physical card and a virtual card for different transactions, our clients have the ability to elevate the security on their banking transactions and protect themselves against potential fraud.”

This added protection comes from every virtual card having its own unique card number, expiry date and card verification value (CVV). Because a virtual card is safely stored inside the Discovery Bank app, it can never be lost, and it is always on hand as long as a client has their device with the Discovery Bank app. A virtual card is also safe from skimming through card readers attached to payment terminals and from being photographed to obtain the permanent account number. And, in case of fraud, a virtual card can be stopped through the Discovery Bank app. A new card will be issued in real time, without having to wait for a new card or paying a replacement fee.

“With this new capability, our clients will never be left stranded without a card. It’s stored safely in the Discovery Bank app. Furthermore, when the card expires, it will be replaced automatically and we will carry across any regular payments to the new card, taking away the admin for our clients.”

“Our innovative banking model, with the Vitality Money shared-value platform at the centre, and our leading digital and security capabilities are key differentiators that we will continue to evolve as we broaden our offerings to give clients even more convenience, safety and security,” Dowra concluded.

The Discovery Bank Shared-value Banking model considers individual financial behaviours to understand how financially healthy clients are and, in turn, rewards them for every step they take to adopt financial behaviours that improve the way they manage their money.

Behaviour change and rewards are enabled through Vitality Money, which gives clients an understanding of behaviours that influence their financial wellbeing and how to manage their money. Vitality Money rewards clients who are financially healthier, as measured by their debt, insurance protection, spending, investments and savings levels.

Clients are incentivised to make smart financial choices to help them advance through the bank’s Vitality Money status levels. The higher a client’s Vitality Money status, the clearer the correlation that they manage their money well.

ENDS

For more information on Discovery Bank’s innovative digital payments solutions, visit: https://www.discovery.co.za/bank/news-virtual-cards

Additional information:

•The virtual card and physical bank card are both linked to an account.

•Virtual cards are free, and clients can add as many as they like.

•Existing clients can add a new virtual card through the Discovery Bank app.

•New clients will receive a physical card and they can add a virtual card to their portfolio on joining Discovery Bank.

•Replacement cards will be issued at no charge.

•Virtual cards are automatically renewed before they expire. Services or subscriptions linked to the card will be automatically updated with the new card details.

•Virtual cards can be used by Purple and Black Discovery Bank card holders for Discovery Bank Priority Fast Track at airports