Recent campaigns from both Velocity and Qantas have been to get us to link our rewards cards and flyby to their programs and transfer our points to them, including from other loyalty programs like hotels, etc.
Getting flight rewards is often a challenge, and some are only standby and available IF you buy a less than economical fare that can be challenging in itself, but if you get lucky there is good value. Over recent times the value of points or miles has been $0.005 +/- a bit. The programs have sales and appear to be like any other on-line store, including selling for points + dollars.
The business case has to be huge for their amount of effort. A bank or hotel awards points but then essentially sells them to Velocity or Qantas programs, and then Velocity or Qantas eventually redeems them in one way or another. Most major international programs are in the same game.
It would be enlightening to understand the business arrangements "under the covers" that makes this such a good deal for the card issuers and Velocity and Qantas, and if it is any deal at all for consumers. I did some calculations and have my opinions, but.