Singapore Airlines Launches Blockchain Loyalty Wallet With Microsoft
Singapore Airlines has launched its digital airline loyalty wallet that is based on blockchain technology. This wallet has been developed in partnership with Microsoft and KPMG Digital Village.
This new wallet is called ‘KrisPay’ after the Airlines’ KrisFlyer loyalty program. It converts frequent flyer miles into digital KrisPay miles that can be used for digital retail purchases through a mobile application.
At minimum expenditure, users can spend 15 KrisPay miles which are equivalent to US$0.73 to make or offset point of sale purchases of food, drinks, beauty products and other products from selected retailers. According to airline reports, these miles are currently accepted by 18 merchants across the country while more merchants are expected to add it to their platform soon.
SIA first tested the proof-of-concept of this blockchain based wallet back in February of this year. This app is available on both iOS and Android platforms and SIA claims it is the world’s first blockchain based airline loyalty digital wallet.
Singapore Airlines CEO Goh Choon Phong said,
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 airline industry is increasingly investing in blockchain and cryptocurrency technology. The Brisbane International Airport is accepting crypto such as Bitcoin at the retail merchants at the airport. Lufthansa is also partnering with the swiss blockchain firm Winding Tree to build a decentralized, Ethereum based platform for building blockchain applications.
Apart from this app development, Microsoft has been steadily investing in blockchain technology. It integrated an Ethereum based protocol in its cloud-computing division of Microsoft Azure.
Most recently, Microsoft has been working with Artificial Intelligence and blockchain for Supply Chain Management solutions as well as partnering with Asian technolgical companies on an enterprise blockchain platform.
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