Standard Bank has officially launched its new partnership with the Shoprite Group
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Standard Bank has officially launched its new partnership with the Shoprite Group, enabling customers to earn and redeem UCount Rewards Points at Shoprite, Checkers, and through the Sixty60 delivery app.
Under the new arrangement, customers can earn a percentage of their spending back in Rewards Points. The bank states that customers may earn up to 40% back when using the Sixty60 app, and up to 30% when shopping in-store.
However, these rewards are subject to a monthly cap: earnings are limited to either 20% of total monthly spending or R3,000 in rewards, whichever is reached first.
The launch comes shortly after First National Bank expanded its own rewards offering with Pick n Pay, allowing eBucks users to link their Smart Shopper profiles and unlock additional discounts.
These developments take place against a backdrop of increasing financial pressure on South African households. As of September 2024, household debt reached 40.7% of the country’s nominal GDP.
Furthermore, the government has also proposed a 0.5% increase in Value Added Tax (VAT) for the 2025/26 and 2026/27 fiscal years, which would raise the VAT rate to 16%, a change that some fear could disproportionately impact lower-income households.
Tshiamo Molanda, Head of Youth and Mass Market Clients at Standard Bank said the launch of the new partnership was a major milestone.
“We’re excited to launch this partnership – it’s a major milestone for our business. Most particularly, it brings so much value to our customers where it matters most – in everyday transactions.” She said.
Molanda added that Partnering with a powerhouse like Shoprite unlocks new possibilities.
“This is just the beginning. We’ve got exciting plans ahead that will continue to enhance how our customers experience and benefit from UCount. Partnering with a powerhouse like Shoprite unlocks new possibilities we’re proud to bring to market,” Molanda adds.
IOL Business
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