Last month Singapore Airlines (SIA) went live with its blockchain loyalty program. Today KPMG expanded on its role in the project. The consultancy worked with Microsoft and SIA to develop the KrisPay digital wallet.
SIA’s KrisFlyer members can convert their miles into KrisPay tokens which can then be spent with various retailers. In addition to the advantage for the member loyalty program, blockchain technology makes it easier to onboard new partners and reconcile payments.
“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.”
KPMG helped with solutions architecture, building the application, graphic design and cybersecurity.
Other rewards programs
Both AirAsia and Cathay Pacific are working on blockchain based rewards programs. But there are also initiatives outside of the airline industry. Amex is piloting blockchain rewards. In Japan, Fujitsu launched a blockchain-based coupon service to entice tourists to particular regions.