In this Smart Money with Alishia Seckam interview, Discovery Bank CEO Hylton Kallner discusses his company’s SpendTrend 2024 report – compiled in collaboration with Visa.

Kallner is an actuary and a business builder who has been a part of Discovery’s ecosystem since 1996.

With his extensive experience and deep understanding of Discovery’s shared-value business model, Kallner is uniquely positioned to drive outstanding growth at Discovery Bank.

Kallner begins this Smart Money interview by explaining why it is important for Discovery Bank to release the SpendTrend report each year, and the value of working with Visa on this project.

He then discusses the key findings, including the impact of South Africa’s socio-economic situation on customer spending across different segments in the country.

Kallner touches on several interesting topics, including the fact that South Africans spend a larger portion of their earnings on groceries than people from other countries – partly because takeout food is less popular locally.

He also touches on fuel spend, noting that part of the reason South Africans spend more on fuel is we drive more – whereas public transport is more popular in other countries.

Kallner then expands on digital payments in South Africa, noting that we had the fastest-growing adoption of digital payments and wallets globally.

He says this is a good indication that South Africa is a global leader in digital banking and the sector is embracing digital solutions at scale.

Kallner concludes the interview by explaining how Discovery Bank uses the data from the SpendTrend report to deliver better solutions to its clients.