Qantas Loyalty picks global fintech Airwallex as its technology partner for its new financial services offering, Qantas Business Money, to make it easier for Australian companies to do business overseas while also allowing them to earn Qantas points.
Qantas Business Money will be available in the second quarter of the year to more than 350,000 small and medium size businesses (SMEs) who are Qantas Business Rewards members.
“This partnership is testament to the strength of our competitive global financial infrastructure that we’ve built over the last six years. Our platform empowers small businesses to operate globally without complexities and remove barriers to international expansion. It also enables larger organisations like Qantas to provide these same benefits to their customers through seamless integration,” Airwallex co-founder and CEO Jack Zhang.
Through Qantas Business Money, businesses will be able to: access foreign exchange rates that are up to 70% less than the big banks; instantly set up local business accounts in 11 currencies; and use virtual Visa Business Debit cards to enable payments in local currencies.
Qantas Business Rewards members can earn up to 25,000 bonus points after signing up and transacting with Qantas Business Money, as well as ongoing points everyday based on the volume of international foreign currency conversions at a rate of 1 point for every $10 transacted, says Airwallex.
“Earning points on everyday business expenses is a real drawcard for the business owners in our program and helps them maximise the value,” Wirth says.
“We’ll be delivering a digital cross border payment platform that allows members to access extremely competitive foreign exchange rates and transact in local currencies when doing business offshore, all the while earning points,” Wirth adds.
“Australia’s love of earning Qantas Points has seen us build strong partnerships with some of the country’s biggest brands, as well as some of the most innovative. These connections are key to keeping our members engaged in the program and ultimately drive value for our business,” Wirth stresses.
Last year, Qantas trialled the technology with 170 businesses. Freight forwarder Nikro Customs and Trade Services managing director Tony Nikro attested how the platform overcame challenges as financial services can be complex, slow, and may involve a lot of red tape.
“Having the chance to trial this solution was valuable for my business. I’d never used anything like it before, it’s not set up like a bank or money transfer, which we’ve predominantly used in the past. Structurally, it was so different. It was quick, easy and much better value, plus the potential to earn Qantas Points is incredibly appealing,” testified Nikro.
Qantas Business Rewards lets members earn points on everyday business expenses. Qantas Points earned from business expenses can be redeemed on leisure or business travel, Qantas Wine and in the Qantas Rewards Store, or to reward employees.
Qantas Business Money is the latest financial services product to be launched by Qantas Loyalty. It follows Qantas Travel Money, home and personal loans, investment and wealth management solutions, savings accounts and credits cards. Thirty-five per cent of all credit card transactions in Australia are made on a Qantas Points earning credit card, demonstrating the value frequent flyers put on earning points through financial products.
How it will work:
• When it launches, existing Qantas Business Rewards members can apply to use Qantas Business Money.
• Businesses who are not Qantas Business Rewards members can join free today via qantas.com/businessmoney or when signing up for Qantas Business Money.
Once approved for Qantas Business Money users can:
• Begin making payments using multi-currency funds internationally through the account wallet, taking advantage of highly competitive foreign exchange rates that are just a fraction of the cost of traditional banking
• Set up local business accounts in 11 currencies to enable fast transactions and more transactions
• Set up virtual Visa Business Debit cards linked to the account which can be used for online purchases
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