Ideas that shape
the loyalty industry

First published in 2017, On Point Loyalty's proprietary valuation study provides a consistent global benchmark for understanding the financial value of airline loyalty programs. The 2026 edition analyses more than 170 airlines and 50+ variables to identify and value the world's 100 most valuable airline loyalty programs. The research has become a widely referenced source for airlines, investors, analysts and international business media.

The Currency Effect is On Point Loyalty's framework for understanding how loyalty currencies can create value beyond their traditional role as a customer engagement mechanism. Developed from industry research and practical experience, the framework explores how points can become strategic economic assets — creating value through partnerships, distribution, pricing, financing and new forms of monetisation. The research underpins Loyalty Programs and the Currency Effect, published by Palgrave Macmillan in 2025.

Airlines are no strangers to the debt financing markets — aircraft, gates, and other assets have historically been used as collateral for debt structures. But in 2020, for the first time in history, U.S. carriers collateralized the future cash flows of their loyalty programs to raise billions in loans.