Qantas Business Rewards members doing business overseas now have access to Yield, an investment tool powered by financial and payments platform Airwallex. Yield joins a suite of Qantas Business Money products, offering members with a savings option for their AUD as well as USD account balances.
Yield enables business owners to generate returns on idle AUD and USD balances held in their Qantas Business Money account, and generate income from exposure to so-called “low-risk, highly rated” money-market instruments offered by J.P. Morgan Asset Management.
Qantas Loyalty CEO Andrew Glance said that the Yield product will be a viable financial tool for the small and medium-sized businesses in the Qantas Business Rewards program.
Glance added that earning Qantas Points on business expenses is one of the ways we help members grow. Adding Yield to the mix will help business owners make their money “work harder and unlock even more value when trading overseas.”
Glance also mentioned that the growth of Airwallex and the demand for their products indicates how much Australian businesses are looking for better ways to manage finances.
Coupled with the popularity of the Qantas Business Rewards program and earning Qantas Points, the Yield product will be a “drawcard for business owners,”
Airwallex Head of Enterprise ANZ, Huw Griffiths, said this is an opportunity to help Australian businesses boost their returns when doing business globally.
With Australian interest rates starting to ease and returns on traditional deposits dwindling, businesses are looking for ways to optimise idle funds.
Yield offers Qantas Business Money users “access to the kind of high-return USD investment opportunities that were only available to large corporations, all within the Qantas Business Money environment.”
Airwallex Yield has reportedly been one of the most in-demand products, with over $350 million AUD in business funds “having been put through Yield since it launched to wholesale customers in November 2023 in Australia.”
This next phase for Qantas Business Money users “represents an evolution for the tech.”
They’re looking forward to extending “the benefits of Yield to the Qantas Business Rewards program and users looking to optimise their cashflow and grow their businesses internationally.”
Since launching back in 2022, Qantas Business Money has enabled businesses to make international payments, hold funds in “multiple currencies, and earn Qantas Points on eligible foreign exchange transactions.”
Via the Qantas Loyalty-Airwallex partnership, Qantas Business Money users will access foreign exchange rates that are “up to 50 per cent better than the big banks and earn 1 Qantas Point for every $1 AUD converted.”
From tech professionals like Phoria to lifestyle brands like Wattle Living, a range of Qantas Business Rewards members are using Yield to simplify operations and make funds work harder.
Yield is offered to eligible Qantas Business Money users with “a minimum $10,000 AUD equivalent starting balance, with no additional set-up required and the ability to start earning from day one.”