An airfare loyalty promotion that harks back to the heyday of the Green Shield stamps craze was launched in Dublin yesterday.

Unveiling its Buy and Fly! scheme, British travel promoter Landround predicted one million Irish participants within a year.

Landround has struck partnership agreements with Aer Lingus and Bank of Ireland and says it hopes to close deals with another 120 firms within 12 months.

The company offers free flights to European and international destinations with Aer Lingus and 17 other carriers in exchange for loyalty points acquired through high street purchases.

Since launching Buy and Fly! in Britain two years ago, Landround, which is listed on London's Alternative Investment Market, has provided 400,000 flights to British travellers.

British partners include Diners Club, Domino's Pizza, Jet petrol and mobile phone operator Orange.

Irish participants will receive one loyalty point for every euro spent with partner firms. A flight from Dublin to London Heathrow will "cost" 500 points. Bank of Ireland is due to begin offering points to customers within a month.

It was critical that Landround attract partner companies over the coming months, said executive chairman Mr Michael Crompton. Some 200 businesses sent representatives to yesterday's launch, he said.

"There is significant potential in the Irish market and we are now seeking partners."

Landround had turnover of £2.9 million (€4.56 million) and posted £220,000 pre-tax profits in the half year to March 31st last, according to interim results. Based in Chester, the company employs 52.