AirAsia, Malaysian low-cost airline is launching a digital currency-based rewards program.
Tony Fernandes, AirAsia chief executive, told Nikkei Asian Review that the company’s frequent-flyer rewards program is being changed into a digital currency platform called BigCoin. The move is part of a wide effort to boost the airline's digital services and shift the firm toward a cashless system.
In the Nikkei article published last week on Thursday, Fernandes described the system as which clients will buy seats, seat upgrades, in-flight meals among other services utilizing BigCoin, in addition to the current fiat currency options.
Most remarkably, he told Nikkei Asian Review that he perceives AirAsia was commencing an initial coin offering (ICO) very soon. While Fernandes did not offer a specific timeline, according to the article, the token can be provided in the next three to six months.
No comprehensive details have been given yet on if AirAsia is building its blockchain or using an existing platform. Other airlines are viewing blockchain as a likely rewards program model currently.
Singapore Airlines declared last month that it was strategizing on launching its blockchain for its frequent-flyer program, but did not mention of building its cryptocurrency.
Nonetheless, Singapore Airlines noted that it has fruitfully finalized a proof-of-concept trial with Microsoft and KPMG, where a complete system implementation will see the airline working with merchants to ensure clients spend their miles at different restaurants and stores.
[Video 1]
AirAsia Planning Cryptocurrency-Based Rewards Program
[Video 2]
‘BigCoin’: Major Budget Airline AirAsia is Developing a Cryptocurrency
[Video 3]
AirAsia to launch Initial Coin Offering (ICO) and cryptocurrency | Bitcoin Price Analysis
