SINGAPORE (July 24): KrisPay, a collaborative effort between KPMG Digital Village, Singapore Airlines (SIA) and Microsoft, has launched today as the world’s first blockchain-based airline loyalty digital wallet.

This follows a proof-of-concept exercise which was successfully completed in Feb 2018, and comes ahead of SIA’s previously-announced estimation that the app would be launched six months from early Feb.

See: SIA's KrisFlyer programme to launch blockchain-based digital wallet app

Using the KrisPay app, KrisFlyer members can convert their miles into KrisPay miles to spend at partner merchants island wide, beginning with 18 merchants spanning different categories of beauty services, food and beverage (F&B), petrol and retail.

Members may choose to use as little as 15 KrisPay miles (the equivalent of about 10 cents) to make purchases, either partially or in full, at partnering merchants.

View of the KrisPay app interface. Image courtesy of Singapore Airlines

In a press release on Tuesday, KPMG Village says the new digital wallet is not only customer-centric, but also allows SIA to onboard new partners and reconcile payments using blockchain technology.

“This work is an example of how KPMG Digital Village plays a role in driving innovation for corporates. By building on our track record in business model innovation and digital transformation, KPMG Digital Village was selected to help SIA with their customer loyalty programme,” comments Jan Reinmueller, Head of Digital Village, KPMG in Singapore.

KPMG Digital Village is an initiative established by KPMG in April 2016 to facilitate innovation ventures between companies and start-ups, from scouting and mentoring, through to helping start-ups develop solutions for business integration.

According to Reinmueller, the programme aims to spawn similar Digital Village concepts in key innovation cities and hubs around the world by 2020 to increase the size, scale and strength of the programme’s ecosystem.

“Already, Digital Village offers a global innovation ecosystem that spans a highly connected network of growth and innovation ideas, capital and collaboration… By [2020], we hope to be a major part of every company’s success story around digital reinvention and disruptive innovation,” he adds.