No, this "Discount" verbiage cannot be configured or changed using the platform, if the app is managed by the Punchh and the brand wish to update this text in the future, this will need to be included in an app project for which the brand needs to contact their CSM. Please see the below attached screenshot for the reference where the discount verbiage is displayed:
If further assistance is required, submit a ticket to Punchh Support. (For help submitting a ticket, click here)