AirAsia chief executive Tony Fernandes announced through Nikkei Asian Review the company’s decision to convert its frequent-flyer rewards program into a cryptocurrency platform, BigCoin, is part of its aim to operate a cashless system and improve the airline’s digital services. Customers will be able to use the platform to buy seats, in-flight meals, seat upgrades, and other services.
Fernandes also mentioned offering an initial coin offering (ICO). No timeline has been released, but according to the article, the offer could be availed after three to six months. So far, there is no information whether AirAsia will be developing its own blockchain or operating with an existing platform.
When asked regarding security and volatility in digital currency, Fernandes seemed unconcerned. He states that cryptocurrency can be used to lessen currency fluctuation risks from profits that are earned overseas.
Meanwhile, Singapore Airlines announced its intention to release its own private blockchain for its own rewards program, but did not detail into whether it would be creating its own cryptocurrency.
On the other hand, Singapore Airlines stated that they have accomplished a proof-of-concept trial with KPMG and Microsoft. This will pave the way for the airline to work with merchants, allowing customers to enjoy their miles in different stores or restaurants.