Singapore Airlines (SIA) launched on Tuesday a blockchain-based digital wallet that converts airmiles into digital currency. KrisPay, as the new wallet is called, was created by KrisFlyer, the subsidiary that runs SIA’s loyalty program. For the beginning, 18 merchants, including restaurants, shops, beauty services, and fuel stations, will accept KrisPay miles in exchange for products and services. In the future, more merchants will be added. The technology was developed in partnership with Microsoft (NASDAQ:MSFT) and KPMG Digital Village. The move makes good on an SIA announcement in February that it wanted to integrate blockchain with its KrisFlyer loyalty program.
Users will be able to spend starting from as little as 15 KrisPay miles, which is about $0.07. They can pay for different products and services either partially or in full. During the launch, the partner merchants will provide discount and bonuses.
Singapore Airlines CEO, Goh Choon Phong, commented on the new digital wallet:
“We are excited to be introducing KrisPay, a novel way for our KrisFlyer members to digitally access their miles at their fingertips, at any time. 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 application can already be downloaded on Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOGL) Play stores. After the easy setup, members can convert their KrisFlyer miles into KrisPay miles within seconds. It’s worth mentioning that KrisPay miles can be used within six months after their conversion. To make payments, users have to scan the KrisPay QR code and type in the amount they want to spend with their KrisPay miles.
Users can pay with the following merchants located in Singapore:
- Beauty services: Browhaus, Qi Mantra, Spa Esprit, Strip, We Need A Hero;
- Petrol: 23 out of 62 Esso service stations;
- Retail: Challenger, M1, LEGO®;
- Food and beverage: 11 out of 25 Cedele outlets, 3 out of 11 TWG Tea outlets, Shangri-La Hotel (Origin Grill and Nami Restaurant & Bar), 11 out of 14 Gong Cha outlets, Greenwood Fish Market, PizzaExpress, Toss & Turn, Workspace Espresso Bar, Xiao Ban Beancurd.
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