The FINANCIAL -- KPMG in Singapore has worked with Singapore Airlines (SIA) and Microsoft to develop the first airline loyalty program “digital wallet” based on blockchain technology. SIA announced the launch of the new KrisPay digital wallet following a successful proof-of-concept development in February 2018.
With KrisPay, SIA's KrisFlyer members can instantly convert KrisFlyer miles into KrisPay tokens that can be spent with participating merchants. The digital wallet not only makes it easier for SIA customers to use miles in their KrisFlyer account, it allows SIA to onboard new partners and reconcile payments using blockchain technology.
“With the blockchain-based digital wallet, it is a straightforward process for participating merchants to connect with the program and for customers to make purchases with their tokenized miles,” said Jan Reinmueller, Head of KPMG's Digital Village in Singapore. “The blockchain provides a distributed ledger that time-stamps every customer transaction in real-time, which provides significant cost and time efficiencies.”
To help meet the requirements for the innovative KrisPay blockchain solution, the KPMG Digital Village team brought a wide range of experience in solutions architecture, application build and graphic design and cyber security.