Johannesburg - Participants in rewards programme eBucks have earned R5bn over 15 years, says First National Bank (FNB).
In 2000, FNB launched its rewards programme which gives the bank’s customers the opportunity to earn and spend eBucks by using their bank cards when shopping. Bank customers can then use eBucks to buy flights and even fill up their fuel tanks.
Growth in eBucks usage comes as the bank said it celebrated dishing out R1bn in eBucks earned by customers in 2008.
The bank further said that the R5bn milestone was achieved just 13 months after eBucks Rewards reached R4 billion earning mark.
"Not only have they earned R5bn in eBucks, but more importantly our members are also spending these eBucks," said Jolandé Duvenage, CEO of eBucks Rewards.
"At last count of the R5bn, our members have spent nearly R4.2bn.
"And if we look at their current spending behaviour ... we will be achieving this R5bn eBucks spend milestone pretty soon,” added Duvenage.
Quantifying the spend, Duvenage explained that the eBucks programme helps to fill on average 30 Kulula planes every month with passengers. Meanwhile, eBucks members also filled up 30 000 tanks of fuel through Engen during December and January, said Duvenage.
She also said the spend-to-earn ratio of the eBucks system in South Africa has outpaced similar services in global markets.
FNB experiences an above 80% spend-to-earn ratio for members. In developed countries, a 70% spend-to-earn ratio is considered positive, said FNB.
Other South African banks have also introduced similar programmes in the last 15 years with the likes of Absa, Nedbank and Standard Bank offering spend-to-earn rewards.