There has been some speculation for a while now but Singapore Airlines has just officially launched a new digital wallet and allows you to turn your precious KrisFlyer miles into instant purchases. KrisFlyer members are now able to convert their KrisFlyer miles into KrisPay miles to use them on everyday expenses like petrol, food, gadgets or phone bills just to name a few.
In order to use KrisPay, KrisFlyer members will have to download an iOS or Android application for their mobile device(s). Following that, they will have to convert their KrisFlyer miles into KrisPay miles - the validity for the converted miles will be 6 months from the date of in-app top-up. While 1 KrisFlyer mile is equivalent to 1 KrisPay mile, the valuation of KrisPay miles is terrible - 15 KrisPay miles are worth approximately S$0.10. Therefore, following this conservation valuation, 1,000 KrisPay miles are worth only S$6.67.
Let's go back to the basics - you can typically purchase 1,000 KrisFlyer miles for approximately S$20 if you do pay the annual fee of selected credit cards. Converting them for S$6.66 value is a terrible idea since you can use KrisFlyer miles on SingaporeAir.com to offset the cost of your ticket (the valuation stands at S$10 per 1,000 KrisFlyer Miles) and even that is a really bad idea. The best way to get the most value out of your KrisFlyer Miles is to use them for an award ticket in Business Class or First Class.
I am personally using an iPhone (how else will I get 8 miles per dollar in Singapore?!) and the iOS app looks really good. When you select the in-app top-up function, you will be given the option to top up your KrisPay account by entering either a fixed number of KrisFlyer miles or a value (the number of KrisFlyer miles required will be worked out automatically). While this may sound like a great idea and I do personally like the flexibility of this, KrisPay offers terrible value and everyone should be saving their KrisFlyer miles for better redemption options.