Singapore Airlines Reaps Benefits of Blockchain Tech Launching its Own ‘KrisPay’ Digital Wallet

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by Alexandra Sayapina · 3 min read
Singapore Airlines Reaps Benefits of Blockchain Tech Launching its Own ‘KrisPay’ Digital Wallet
Photo: Pixabay

The leading airline operator has launched a digital wallet that can be used to pay for the purchases at 18 merchants at the moment. The private blockchain was developed in collaboration with Microsoft and KPMG’s Digital Village.

The year 2018 is a good one for Singapore Airlines. The global survey of more than 20 million travelers held by research firm Skytrax resulted in the amazing success for SIA. It clinched four titles: World’s Best Airline, Best First Class, Best First Class Airline Seat and Best Airline in Asia. The award-winning airline operator is not going to stop here. Singapore Airlines has launched a blockchain-based digital wallet integrated into its loyalty program.

Singapore Airlines have a loyalty program for frequent flyers called ‘KrisFlyer’. From now the users of the program will be available to make the most of their travelling with the help of the blockchain technology. The KrisPay digital wallet offers the opportunities one can find in a traditional airline reward program: spending air miles at partner merchants like retailers, hotels, restaurants or petrol stations. But this loyalty program has gone blockchain.

Goh Choon Phong, CEO of Singapore Airlines, 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 first glimpse of KrisPay shows that SIA had done a great deal of work on its blockchain-based digital wallet. The blockchain platform is private; it was developed in close cooperation with Microsoft. Singapore Airlines called in experts to study the platform: KPMG’s Digital Village verified the successful proof-of-concept trail completion.

KrisPay is a blockchain-based app available for both Apple and Android platforms. It may be not as secure as a hardware wallet like Trezor Model T, but it is definitely more convenient for users to simply download an app to their smartphone rather than buy a special gadget for airlines loyalty program.

KrisPay has been developed to provide the best user experience possible. The initial list of supporting merchants includes 18 companies from four spheres: Beauty Services, Food and Beverage, Petrol and Retail. A user of the program can pay for the purchases either partially or in full. The payment is extremely simple: a users scans merchant’s QR code and enters the amount to pay with KrisPay miles. The minimal limit for transactions is extremely low: 15 KrisPay miles which is equivalent to about S$0.10. The frequent fliers who already participate in KrisFlyer program can just transfer their miles to the digital wallet.

The airline operator claims that KrisPay is the world’s first blockchain-based airline loyalty digital wallet. Singapore Airlines today is a great example of the company which gets inspired by its own achievements. They have just proved to be the leading airlines operator – and SIA is already offering to its customers a new progressive attraction.

Singapore Airlines is not the only company experimenting with blockchain. Lufthansa has partnered with software giant SAP to bring the benefits of the new technology to the aviation industry. The success of these projects can make blockchain a new standard for the airline operators.

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Alexandra Sayapina

Alexandra is a software engineer who specializes in core banking systems development for financial and IT spheres. Taking strong interest in blockchain, cryptocurrencies, and IoT, Alexandra got deep understanding of the emerging techs believing in their potential to drive the future.

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