Bitcoin Global News (BGN)
July 26, 2018 -- ADVFN Crypto NewsWire -- Who doesn’t want
another easy way to spend their airline miles?
In response to this, Singapore Airlines has
entered the world of the Blockchain. Now, members of
its KrisFlyer loyalty program
will be able to use their miles almost like cash at select
retailers in Singapore.
How exactly is this going to work
out?
Reportedly, the airline partnered
with Microsoft and KPMG to develop a digital wallet that stores
customer miles and helps them easily turn them into a new form of
currency called “KrisPay units.”
Because of the fact that the
wallet’s foundation is a Blockchain and KrisPay units are a form of
digital currency, one could say that the airline has developed its
own Cryptocurrency, which can be used right away in real time, in
physical locations.
The reason that the project was
ready to be actively used so quickly, is that all it takes is a
simple app download plus a connection of the app with one’s mileage
account to get started.
Once this is done, the user can
then use his or her phone’s QR code capability to spend miles at
merchants where KrisPay units are accepted.
As mentioned above, unfortunately,
this currency is only valid in Singapore as of now and there is no
indication that it plans to make an effort for KrisPay units be
accepted anywhere else, any time soon.
Despite this, 18 retailers are
apparently already accepting KrisPay units, which includes the
likes of Singapore gas stations, certain Singapore restaurants,
some traditional retailers that operate in the country, and even,
Singapore LEGO stores.
If you are interested in learning
more about who currently accepts KrisPay units as well as where the
airline sees the project going in the future, look no further than
its main website.
Given that its offering was
tested by the likes of KPMG and
Microsoft, one can reasonably trust that it is on the up and
up.
By: BGN Editorial Staff
News:
Blockchain