Qantas and MasterCard have launched their “next generation” Frequent Flyer card with the airline hoping to hit 10 million members in this financial year.

The new card allows members to store foreign currency and access cash around the world via ATM withdrawals, check in to domestic flights and as a boarding pass, as well as earn points by making purchases. Customers will start receiving the chip-enabled cards tomorrow.

Qantas Group CEO Alan Joyce says the new in-built features will make the card indispensable for the millions of Australians who already carry a Frequent Flyer card in their purse or wallet.

“The feedback from our members since we first announced this new Qantas card has been fantastic. The concept of a single card to check-in for your flight, access lounges, store foreign currency and make purchases at home or overseas has really struck a chord,” Joyce says.

“When you consider all the different things it does, this really is the Swiss Army knife of cards.”

Using the card’s Qantas Cash functionality, members can load funds, choosing up to nine different currencies and lock in exchange rates as well as use the card to make purchases anywhere MasterCard is accepted electronically.

MasterCard Australian SVP and country manager, Andrew Cartwright, says the company was proud to be partnering with Qantas on such an innovative and new card.

“There is no doubt Australians are moving away from cash to electronic payments and MasterCard is determined to lead that trend with advance payment technology,” says Cartwright.

“It makes sense to combine everyday spend and travel with fast check-in functionality, Qantas Cash gives convenience and security for those heading abroad – as well as for use here at home.”

Qantas Loyalty chief executive officer Lesley Grant hopes the new card will attract new customers to Qantas Loyalty and will encourage existing customers to take full advantage of the new card.

“There is a broadening understanding among our members that the Qantas Loyalty program now extends well beyond travel, with members able to engage with the program in so many ways,” Grant says.

“The more useful the Qantas Loyalty program becomes the more we can drive growth. Last financial year we exceeded our membership target by 200,000 to reach 9.4 million members and we are on track to reach 10 million in this financial year.”