Singapore Airlines (SIA) yesterday launched its own airline loyalty wallet, 'KrisPay', which uses blockchain technology.
In early February Singapore Airlines announced its plans to use blockchain technology to give loyal customers the ability to spend their accumulated miles in a new way.
As planned, the airline operator completed a successful trial of the application at the KPMG Digital Village in Singapore. The blockchain wallet software was jointly developed by Microsoft and KPMG Digital Village. The new service can now be downloaded from the Apple Store and Google Play Store. The application is available on both Apple and Android platforms. With simple setup, you can convert your KrisFlyer miles to KrisPay miles in seconds. It's worth noting that KrisPay miles can be used for up to six months after they have been converted. To make payments, users must scan the KrisPay QR code and type in the amount they want to spend.
The new wallet, dubbed "KrisPay" after SIA's loyalty program "KrisFlyer", digitizes passenger miles into digital "KrisPay miles" which can be used to pay for retail purchases through the mobile app.
With a minimum spend, wallet users can spend 15 digital miles (equivalent to approximately 0.10 Singapore cents or US$0.73). Thanks to the development of the airline's partner network, users will be able to receive discounts or special promotional prices on certain products. Already today, through KrisPay in Singapore, you can purchase food, gasoline, pay for dinner at a restaurant, or pay for cosmetic services. According to SIA, KrisPay miles are currently accepted at 18 merchants island-wide, with more service providers said to be added to the platform in the future.
SIA says KrisPay is the world's first blockchain wallet to convert air miles into digital currency. Singapore Airlines CEO Goh Choon Phong commented on the launch of the new digital wallet and noted that KrisPay is a new way for KrisFlyer loyalty program members to digitally access their miles at any time.
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