Singapore Airlines Launches Rumoured Blockchain-Based Digital Wallet, KrisPayby Fintech News Singapore July 24, 2018
After rumours abound, and the launch of e-wallet BigPay by Air Asia from across the Causeway, Singapore Airlines has finally made their own e-wallet app available for download on iTunes.
The KrisPay platform was intended to digitalise the KrisFlyer frequent flyer miles for use at retail outlets. During its February announcement (and prior to christening the app KrisPay), Singapore Airlines had plans to build the wallet on blockchain-based technology.
At the time, a proof-of-concept exercise was held with KPMG Digital Village and Microsoft.
It remains to be seen whether those Singapore Airlines’ blockchain plans came to fruition five months down the line, pending an official announcement.
Frequent Flyer Miles on the Ground
This development follows the quiet release of the Singapore Airlines KrisPay Merchant app that according to Google Play, was last updated July 17th, 2018.
KrisPay’s main function is to turn one’s KrisFlyer miles into points for daily spending. Some of its potential partners, as hinted on the app’s download page, include Esso, Shangri-La Hotel Singapore, and Passenger.
Esso is already a KrisFlyers existing partner, and is reportedly working together with the airline to develop KrisPay.
It will be interesting to see whether the app will work the other way around—if points collected in partnering merchant stores will translate to KrisFlyer points as well.
The KrisPay app is building off the precedent set by e-wallet heaven China by basing transactions on scanning a QR code.
We can’t help wondering if Singapore Airlines’ plans for blockchain means that they hope to turn KrisFlyer points into its own version of cryptocurrency, but as for now, it will serve as an expansion of services for Singapore Airlines—for users to be able to use their collected miles for more than just more flight purchases.
Featured Image Credit: Screenshot of KrisPay on iTunes