The purpose of this disclosure is to explain how we make money without charging you for our content.
Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.
Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.
Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.
Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.
To find out more about our editorial process and how we make money, click here.
Singapore Airlines is rolling out a digital wallet based on blockchain technology that passengers can use to spend their frequent flier miles.
“I think we are the first airline to do it,” Goh Choon Phong, the airline’s chief executive, said at the Singapore Airshow Aviation Leadership Summit, according to Reuters.
The blockchain technology the airline will use is only available for its partners and vendors, the company said in a statement. Blockchain technology is a decentralized way of maintaining records through a peer-to-peer network. It’s a core component of bitcoin and many other digital currencies.
KrisApp, Singapore Airlines’ loyalty program, will get a digital app in around six months. The company plans to start on-boarding retail partners as well.
Overall, the company said it will invest hundreds of millions of dollars in a larger transition towards digital technology, Retuers reported.
Two other airlines, Air New Zealand and Lufthansa, have also started building travel apps using blockchain technology within the last year.