Singapore Airlines to offer scheme for frequent flyers
Singapore Airlines has produced a scheme where it enables members of its frequent flyer programme to convert their air miles into currency, Tech in Asia reports.
The carrier’s flyer programme KrisFlyer has created, KrisPay, a digital blockchain wallet that will allow its members to pay for items from using 15 KrisPay miles ($0.07) or more.
Customers can spend the miles that they have earned in stores such as gas stations, beauty product retailers and food and drink restaurants.
In February, the firm announced it would be utilising the Singapore market to combine with retailers.
- Tuya Smart receives $200mn series C round through investors
- AI startup Megvii sees Alibaba join $600mn investment
- Heriot-Watt University has signed a deal to boost its links with business in Asia
It has also been confirmed that only partners who are a member of the network can take part in deals made on the blockchain as it is owned privately by Singapore Airlines.
The introduction of KrisPay comes after a positive proof-of-concept exercise which was undertaken by the airline along with KPMG and Microsoft.
Experts have revealed that KrisPay could even become more than just a rewards redemption vehicle with it being used as a way to raise money or even being converted into cash.
In 2017, KrisFlyer members totalled $700mn of air miles which is a substantial increase from $573mn in 2014 and $445mn in 2011.
- Asia’s first climate change alliance to help firms go greenSustainability
- Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s SornLeadership & Strategy
- How Microsoft is taking Asia startups from idea to unicornTechnology
- Asian based LNG importers seek to avoid costly spot buysLeadership & Strategy