Singapore Airlines Group (SIA) KrisFlyer, launched an innovative digital wallet, KrisPay. The members of KrisFlyer will be able to use this Miles-based wallet for their everyday purchasing from Singapore’s selected merchants. The underlying blockchain-based technology of the wallet is privately owned by SIA and only its partners will be able to trade using KrisPay.
KrisPay to support 18 merchants initially
As per the report, in the beginning the wallet will support 18 merchants from different categories petrol, retail, beauty services, food, and beverage and will later add merchants to its platform. Some of the companies that are a part of this deal include Spa Esprit beauty services, food and beverage platforms such as Pizza Express and Cedele and popular retailers like Challenger and Esso petrol stations.
Members can choose to pay a minimum 15 KrisPay miles (around $0.10) for paying the partner merchants either fully or partially. The selected partners are also expected to offer discounts for the launch period. The company has stated that members will get to see frequent in-app promotions and the addition of more ad features in the upcoming months.
KrisPay available on Google Play Store & Apple
KrisPay has been developed by two companies, Microsoft Corporation (NASDAQ:MSFT) and KPMG Digital Village and is the first blockchain technology-based digital wallet dedicated to an airline in the world. Members of KrisFlyer can download the digital wallet app from Google Play Store and Apple. Once the download is complete, members can change the KrisFlyer miles into the latest KrisPay miles with the help of an instant top-up function within the app. The app has a validity of six months from the date it was transferred.
Payment through KrisPay wallet is very easy. The members will just have to scan the KrisPay QR code at the retailer, enter the amount and pay with the digital wallet. The Chief executive of SIA, Goh Choon Pong stated, “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.”