Singapore Airlines, one of the world’s leading airline operators has introduced a digital blockchain wallet called KrisPay to its customers. This move by the airline is to help frequent fliers convert their airmiles into digital currencies.
Making the announcement on Tuesday the 24th of July, the airline stated that the wallet will be accessible to users of its ‘KrisFlyer’ frequent flyer program. It also states that the underpinning technology for the digital wallet will be the Blockchain technology. This means that travellers will be able to spend their accrued airmiles as currency at retail outlets, hotels, malls and other partner merchants.
Singapore International Airline (SIA) earlier in February developed its own private Blockchain in conjunction with Microsoft to run this – the proof-of-concept for this has already been completed in KPMG’s digital village in Singapore and technology is ready for use.
KrisPay is available for both android and iOS users and the app had already seen thousands of downloads as at the time of writing this article. The airline is laying claim to being the world’s first of its peers to outdoor a blockchain-based digital wallet that converts airmiles into currencies.
Speaking on this, Singapore International Airline CEO, Goh Choon Phong said that “by creating a miles-based digital wallet which integrates the use of miles into their daily lives, KrisFlyer members have yet another way to use miles instantly on everyday transactions.”
The initial conversion rate for KrisPay stands at 15 KRisPay miles being equal to $0.10 and these values can be used to purchase and pay for goods and services. The move has been applauded by a number of renowned Blockchain personalities as progressive. Many in the crypto community see it as a significant win for the crypto-economy. It is believed that this might spur many other airlines on to follow the step taken by Singapore Airlines in order to offer more value to their clientele.