Rethinking Airline Virtual Currency

The COVID-19 crisis has necessitated the airline industry to process mass cancellations, re-bookings, and refunds. For many airlines, these processes require manual intervention leading to excessive customer wait times at Call Centres and Airline Service Centres. The nature of the pandemic and the uncertainty of when travel will reach a stability level suggests that these inefficient processes will be with us for time to come. Automating these processes and allowing customers the flexibility to service themselves, should be on the radar of any airline serious about customer experience. A key solution enabler is a secure "virtual currency" as an alternative to legacy airline solutions and electronic documents.

A new look at a flexible airline virtual currency

  • Virtual currency issued in exchange for canceled bookings can be redeemed for partial or full payment against all airline products and services across all airline channels

  • Defined promotion rules supporting campaigns that multiply the value of the currency purchased can provide for revenue generation opportunities

  • Currency can have a defined value with an expiry date and options for diminishing value over time

  • Fixed value options ideal for service recovery incorporating partner redemption capability

Must-Have Technologies

  • Secure storage and virtual currency management

  • Advanced fraud detection and management

  • Scalable architecture to enable wide scale deployment including partners

  • Security incorporating multi factor authentication

  • Tight integration with Payment Platform to facilitate multiple forms of payment

  • Rules engine to manage campaigns and promotions