As blockchain technology gains traction across the economy, one airline is providing a wonderful new way to waste your miles.
Singapore Airlines now lets you convert KrisFlyer miles on a 1:1 basis into what it calls KrisPay, a digital wallet in which miles are converted into cryptocurrency which can be used to make everyday purchases like gasoline or coffee.
Here’s a visual depiction of how the process works:
After verifying your device once using 2-Factor Authentication (2FA), you’ll be free and clear to quickly send over miles to KrisPay and pay on-the-spot using a QR code.
|Categories||Beauty Services||Food and Beverage||Petrol||Retail|
• Qi Mantra
• Spa Esprit
• We Need A Hero
• TWG Tea
• Shangri-La Hotel (Origin Grill and Nami Restaurant & Bar)
• Gong Cha
• Greenwood Fish Market
• Toss & Turn
• Workspace Espresso Bar
• Xiao Ban Beancurd
|• Esso Service Stations||• Challenger
• LEGO® Certified Stores (Bricks World)
More details here.
Why This is a TERRIBLE Deal
The value of a mile is subjective, not objective…to an extent. We all value the “real” price of awards differently, but if you are not getting more than one cent per mile in value, you should using a cash back credit card.
As I stated above, 1 KrisFlyer mile is equivalent to 1 KrisPay mile. 15 KrisPay miles equals S$0.10 in value (about $0.07 USD). So you are getting less than a half cent per mile (USD) in value here. That’s horrific!
Two other problems. First, all transfers from KrisFlyer are final. Second, all sales using KrisPay are final. I’m sure the merchants love that…
I love the concept of blockchain technology and the potential it unlocks. At the same time, using your KrisFlyer miles in this fashion represents a fundamental failure to understand the value of miles and points.
Is Delta next? 😉