AVIATION, FINANCIAL SERVICES | Staff Reporter, Singapore

SIA taps KPMG and Microsoft to launch blockchain-based loyalty scheme

KrisFlyer members can instantly convert air miles to spend it on purchases.

Singapore Airlines (SIA) teamed up with KPMG Digital Village and Microsoft to launch the world’s first blockchain based loyalty digital wallet KrisPay, an announcement revealed.

KrisPay will enable KrisFlyer members to instantly convert air miles into KrisPay miles which they can use for spending at 18 partner merchants across Singapore. The digital wallet will let members use as little as 15 KrisPay miles which is equivalent to about $0.10 as they partially or fully pay for their purchases.

For a start, members can use their KrisPay miles in merchants spanning different categories of beauty services, food and beverage, petrol and retail. To pay for purchases, members simply need to scan the KrisPay QR code at the merchant, and key in the amount they wish to pay with their KrisPay miles

The project completed its proof-of-concept exercise in February 2018.

“By 2020, we will spawn Digital Village in key innovation cities and hubs around the world, increasing the size, scale and strength of our ecosystem,” KPMJ Singapore head of digital village Jan Reinmueller said.

KrisFlyer members can download KrisPay through Apple and Google Play Store. Upon downloading, members can easily turn their KrisFlyer miles into KrisPay miles using the app’s instant top-up function. The KrisPay miles will be valid for six months.

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