Exclusive: AirAsia digital currency in 2023? Web 3.0-based rewards system
- AirAsia superapp CEO Amanda Woo shares with Tech Wire Asia how they plan to flip their traditional frequent flier reward system into a newer Web 3.0-based approach
- Ready to be introduced next year, users will then be able to convert their reward points into “AirAsia digital currency”
- There are plans to also include NFTs for the renewed rewards points approach
Capital A, formerly known as AirAsia Group Bhd, is taking its ecosystem a few notches higher by strengthening its digital businesses, aiming to jump onto the Web 3.0 bandwagon by 2023. AirAsia superapp CEO Amanda Woo said they are currently working with a Web 3.0 producer based in South Korea to flip the entire rewards business of Capital A, and that would include introducing tokens dubbed as “AirAsia digital currency”.
“We are currently working with one of the soon-to-be biggest web 3.0 producers based in South Korea, who is partnering with us to build our iteration of the third-generation world wide web,” Woo told Tech Wire Asia in an exclusive interview recently. For context, AirAsia’s current rewards program is purely based on a frequent flier concept, which can be redeemed for free flights.
Now, Woo says Capital A is planning to turn the loyalty system around, “gamify it or ‘pokemonise’ it in a way”.
“In six months time — you will have your reward points which you can convert into tokens that we are gonna call ‘AirAsia digital currency’,” she added. A check on their website shows that AirAsia points can currently be used to redeem a variety of AirAsia rewards deals from F&B to shopping, entertainment, services or even redeem AirAsia flights.
How will AirAsia digital currency work?
AirAsia intends to gamify its reward system by creating ‘missions’ to be completed. “Example, if today you’re flying from Kuala Lumpur to Bali, a trip from town to airport and vice versa, via AirAsia Ride, will earn you around 10 tokens,” Woo said, adding that if a user completes more missions, perhaps by visiting the best restaurant in Bali, they would earn another 10 tokens.
By combining those tokens, users can earn free seats on board or even exchange them for hot seats. “The same can be done to upgrade your AirAsia Ride from a small, to a premium car — one of the many examples of how we plan to flip the entire traditional frequent flier reward system,” Woo exclusively told Tech Wire Asia.
Another way the group is looking to solidify its Web 3.0 approach is by including the use of non-fungible tokens (NFTs), collectible digital assets that can be collected, bought and sold with unique identifiers. “We will be providing the option to transact NFTs via a chat space we are creating within our community. Example, you go on a chat with someone within the community and say ‘Hey, I want to buy the same shoes that you have on your avatar’ and you can use your token to transact,” Woo said, noting that it will allow AirAsia users to have the entire Web 3.0 experience.
Talk on Web 3.0 has been dominating the internet over course of the pandemic as the third generation of the World Wide Web took the attention of many for being a predicted network that provides decentralized, distributed and global control of information. Woo noted that the renewed approach to their reward system will be applicable across Southeast Asia, in every country AirAsia is present in, by 2023.
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