Cryptocurrencies and the blockchain technology are gaining a lot of popularity amongst investors, but even more so amongst companies and businesses. We are now seeing an important transition as these companies understand what the new technologies can bring to their activities and how it can leverage additional opportunities. Large firms such as Samsung and Microsoft have already shown a lot of interest and have heavily invested in the blockchain technology. Another major player is now following in their footsteps.
Singapore Airlines, one of the biggest airlines company in the world, has recently announced the launch of its own loyalty and rewards wallet KrisPay. The wallet will rely on the blockchain technology and will be paired with the company’s existing frequent flyer loyalty program. The way it will work is relatively simple and straightforward: travelers’ frequent flyer miles will be transformed into a sort of digital currency called KrisPay miles. With these KrisPay miles, customers will be able to purchase products and services at any store that accepts the new currency. The airline has said that there are currently 18 of these stores in Singapore.
What is more impressive about this new wallet introduced by Singapore Airlines is the two companies behind its development: Microsoft and KPMG Digital Village. The fact that two of the most popular actors in the technology industry have participated in this venture gives it a lot of credibility.
This initiative is one of the first of its kind for an airline. Previously, Malaysian airline Air Asia had announced the launch of their own cryptocurrency loyalty and rewards program. This is very positive and promising for the blockchain technology and its adoption. Will other airlines turn towards cryptocurrencies to improve and enhance their loyalty programs?
TLDR: Singapore Airlines has announced that they are launching a blockchain based wallet called KrisPay. Customers will be able to convert their frequent flyer miles into KrisPay miles to purchase items in specific retail stores in Singapore.