AirAsia to launch Cryptocurrency Based Reward Scheme

AirAsia, the low budget Malaysian Airlines has thought of launching a cryptocurrency based rewarding scheme. According to the AirAsia chief Tony Fernandes, they are transforming AirAsia regular flyer reward program into cryptocurrency based rewarding scheme. The cryptocurrency platform, that is going to be used is named as BigCoin. According to him, this move is taken to encourage the cashless system and to further improve its digital services.

The press release was published on Thursday, that said, from this beneficial program consumers will be able to buy, flight tickets, seat upgrades, in-flight meals and other servicing via BigCoin that will work in addition to other existing Fiat Currencies.

Fernandes told that they wish to launch Initial Coin Offerings (ICO) at some point of time in future. The token might start offering in the next six months or three months from now. But, he did not affirm the timeline about this. Also, he did not disclose his plan regarding are they going to launch their own coins through own blockchain or using some existing platforms. That still remains the question of curiosity.

Along with Air Asia, Singapore Airlines has stepped in to develop its reward program based on Blockchain or Cryptocurrency. It has announced last month itself that it is thinking to launch its private Blockchain for the frequent flyers program. Although the Airlines has not hinted that they will develop their own cryptocurrency.

Singapore Airlines had also conducted a successful Proof-Of-Concept trial with the help of Microsoft and KPMG, one of the Big Fours. The full implementation of the program may be seen by the airline working at distinct restaurants and stores, with merchants to empower consumers to spend their lots.

Other Airlines are also on the same look as AirAsia and Singapore Airlines to launch their possible reward programs in the coming months.