KrisFlyer's blockchain-based wallet

  • Community Manager

    Anyone else on KrisFlyer? Are you actively using it?

    Their new digital wallet, KrisPay allows users convert KrisFlyer Miles into KrisPay Miles. Will this pave the way for point-of-sale blockchain-based transactions in Singapore? Any thoughts?

    Do you think it will reach widespread adoption one day?

  • No doubt SIA's prestige might give them a little push in terms of adoption. It is still a private-based blockchain though, owned privately by Singapore Airlines. Only partners who belong in the network can participate in transactions made on the blockchain.
    Might be wise to accumulate some before it ICOs.

  • Im on Krisflyer but always and only use the miles for flights redemption.

  • I doubt it's going to have huge adoption because there are already so many payment methods out there. However, it's good for someone like me who gets to use up small number of miles that would otherwise expire and be worthless.

  • To make e-payment work, MAS can consider to consolidate all these small scale E-payments and only have 2 or 3 in the market.

    With just 2 or 3 E-payments out there, you have healthy competition, better integration and adoption, better utilization of resources (people and technologies), economy of scale and easier regulation and monitoring. For consumer, you do not need multiple apps/accounts and less headache.

  • @ktinvest does MAS have any say in how private companies should consolidate in this market? As far as I know, I think MAS can only issue guidelines and laws for fintechs and monitor if everyone is following them.

  • @jonhan I think if MAS wants to actively shape the E-payment industry and not let the private players drive it in all direction, MAS can do it. There are many ways to do it like setting up a steering committee to set expected adoption rates, information security, data protection, roll-out milestones and etc etc.

    This will somehow make the small players to consolidate strategically to form a more effective E-payment services to the masses. Of course, we need a few large players to create balance and healthy competition.

  • I think MAS rather let the free market do it. Just like previously there was a lot of suggestions just to have one 2FA method rather than each provider having their own 2FA. Singpass now has it's own token/dongle, but its only for government and hasn't been rolled out across private industries yet.


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