Who doesn’t want another easy way to spend their airline miles?
In response to this, Singapore Airlines has entered the world of the Blockchain. Now, members of its KrisFlyer loyalty program will be able to use their miles almost like cash at select retailers in Singapore.
How exactly is this going to work out?
Reportedly, the airline partnered with Microsoft and KPMG to develop a digital wallet that stores customer miles and helps them easily turn them into a new form of currency called “KrisPay units.”
Because of the fact that the wallet’s foundation is a Blockchain and KrisPay units are a form of digital currency, one could say that the airline has developed its own Cryptocurrency, which can be used right away in real time, in physical locations.
The reason that the project was ready to be actively used so quickly, is that all it takes is a simple app download plus a connection of the app with one’s mileage account to get started.
Once this is done, the user can then use his or her phone’s QR code capability to spend miles at merchants where KrisPay units are accepted.
As mentioned above, unfortunately, this currency is only valid in Singapore as of now and there is no indication that it plans to make an effort for KrisPay units be accepted anywhere else, any time soon.
Despite this, 18 retailers are apparently already accepting KrisPay units, which includes the likes of Singapore gas stations, certain Singapore restaurants, some traditional retailers that operate in the country, and even, Singapore LEGO stores.
If you are interested in learning more about who currently accepts KrisPay units as well as where the airline sees the project going in the future, look no further than its main website.
Given that its offering was tested by the likes of KPMG and Microsoft, one can reasonably trust that it is on the up and up.
By: BGN Editorial Staff