Cover Genius SVP travel: Customers are treating loyalty as stored value and currency

Cover Genius SVP travel Peter Smith, speaking at the CAPA Airline Leader Summit Australia Pacific, stated (28-Jul-2026) "Customers have stopped treating loyalty as a reward and have started thinking about it as stored value, as currency". Mr Smith noted points, rewards and loyalty have had the "strongest" pull in driving protection purchasing decisions, adding: "Points aren't just a discount anymore".