Qantas has launched its own credit card and made other significant moves in the financial product space.
Putting yet more pressure on traditional banking revenue streams, the Australian airlines new cardholders will be able to manage their Qantas Premier account through the Qantas Money app while on the move.
The new app will allow users to see their balance, statements, transaction history and more, plus connect their accounts with other financial institutions to help them see their overall financial position. In addition, it will help users keep better track of their spending habits by categorising spend.
The Qantas money platform also brings together Qantas premier, Qantas cash, the prepaid travel money card and the new Qantas money app.
A Serious Financial Services Player
«This is an important next step it’s an expansion of the financial products we offer and opens the opportunity for us to share directly in the card economics,» said Lesley Grant Qantas Loyalty CEO.
Qantas loyalty already competes in the financial services market, with 35 percent of credit card spend in Australia earning points on Qantas frequent flyer co-branded cards.
The airline also enjoys a 17 percent share of the prepaid travel card market with Qantas cash. Since its launch in August 2013, around 670,000 cards have been activated and almost $3 billion of funds loaded.
