The thing is, I'm not aware of either M&S or Waitrose offering existing "points" based schemes right now that really lend themselves to any kind of conversion from one currency to another. Unless I am mistaken and these brands do now offer actual proper loyalty programs with points currencies? I dont foresee either brand going to the trouble of spinning-up a points based program any time soon, and certainly not just to facilitate a single program partner like BA.

In terms of supermarket loyalty programs, isnt the only real candidate Sainsburys/Nectar? If so, then as far as I can tell, Nectar has always (promotions withstanding) been generally a lower value currency than clubcard points - and therefore even an eventual move to that program would very likely see poor conversion rates, right?

Im not a huge fan of Tesco (prefer Sainsburys personally) but as an earning opportunity, I can see any other players stepping in with such a strong offer