CFA Society Singapore
SINGAPORE (Feb 5): KrisFlyer, the frequent-flyer programme of Singapore Airlines (SIA), is launching a blockchain-based airline loyalty digital wallet capability via a new KrisFlyer digital wallet app.
The app is expected to be rolled out in about six months from now, and will be enabled through blockchain technology using an SIA-owned private blockchain involving only merchants and partners.
In a press release on Monday, SIA says its lifestyle digital wallet app, which is to be the first of its kind, will help “unlock the value of KrisFlyer miles to enable everyday spending at retail partners”.
This will be accomplished by allowing the KrisFlyer membership base to use ‘digital KrisFlyer miles’ for point-of-sale (POS) transactions at participating retail merchants.
Following its successful proof-of-concept exercise carried out in collaboration with KPMG Digital Village and Microsoft, KrisFlyer intends to sign up retail merchant partners, beginning in the Singapore market.
According to SIA CEO Goh Choon Phong, the initiative will bring more benefits to members of the KrisFlyer programme – and is in line with SIA’s recently-unveiled Digital Innovation Blueprint, under which the group aims to be the world’s leading digital airline.
“This groundbreaking development in which we will be using blockchain technology to ‘digitalise’ KrisFlyer miles is a demonstration of the investment we are making to significantly enhance the digital side of our business for the benefit of our customers,” says Goh.
As at 11.35am, shares in SIA are trading 1.2% lower at $11.18.