PointsPay offers a mobile wallet and payment system that enables members of participating loyalty programs to redeem points and miles in-store and online at over 30 million merchants worldwide. You convert your miles and points into Cash (Virtual Visa Card or Mastercard) and then use it any where.
Pointspay is the subsidiary of Swiss-based Loylogic Holdings. As per info on their website, Loylogic builds and runs global, loyalty points e-commerce and m-commerce shopping solutions with the largest, fastest-growing and most innovative loyalty programs worldwide. So far, the only loyalty program that I seen that it works with is Etihad Guest program by Etihad Airways. Hopefully more loyalty programs will be available in future.
As per PointsPay iPhone app, the conversion rates to convert Etihad miles into Cash is as follows:
USD 10 for 1,479 Miles
EUR 10 for 1,859 Miles
AUD 10 for 1,523 Miles
GBP 10 for 2,346 Miles
There is a loading fee of 141 Miles per transaction, no matter whether you load 5 Euros or 50 Euros, or 10 USD, the loading fee remains the same. More currencies available to select.
After you select the desired amount to load, a virtual VISA card is displayed, together with expiration date and the CVV code which is also displayed on the image of the card. You can note down the card number or make a screenshot, but it is not really necessary because the app will keep showing you the card.
You will have 24 hours to spend the amount loaded onto the card and there is an option for a free 24 hour extension. If you have not used the loaded amount, it will be credited back to your Etihad Guest account at the same conversion rate. There is also an option to unload the remaining amount back to you Etihad Guest Miles account manually. I am not sure if there is a fee for unloading.
The BIN of the Visa card you receive is 4950 56. It is issued by a Swiss Bank. Some online merchants might not accept a card issued in Switzerland if you are not based in Switzerland (e.g. My virtual card got declined when I tried to use it for Spotify). Also there is an annual loading limit of EUR 2,400.00 which is shown in the app. You can view your transactions and e-statements in the app itself.
You also have the option to order an actual plastic card to receive by mail with PIN code. You activate the card via the app. The Help sections explains that currently cash withdrawals or payments to other credit card accounts are not possible.
Here are some screenshots from the Pointspay app: