New York – Par has been launched as a mobile app that enables users to buy and sell air miles.
The app’s aim is to connect those with excess air miles to those who are looking for cheap flight options for their next trip. Users of the app input the specific dates when they want to fly. The app will then send a notification to those users who can fulfil the request. From there, the buyer and seller will agree on a price for the requested miles.
Now working as a private beta version for iOS users, the app supports domestic and international economy one-way and round-trip flights. Whenever a transaction takes places between a buyer and a seller, Par takes a 7.5% fee after the offer is accepted.
‘One of the things many people don’t know about air miles is that airlines can decide tomorrow your miles aren’t worth anything,’ founder Kofi Ampadu said to Behindtheapp.co. ‘So why keep them if you’re not going to use them? Each year we have 40m reward miles that go unused.’
According to Skift, global travellers will book about £225bn ($278bn, €268bn) worth of travel online in the next five years. According to a feature in The Washington Post, new research by Switchfly says that travellers haven’t used 70% of their air miles over the past five years.
As consumers continue to trade products and services between themselves, the idea of what constitutes currency is changing. Here, air miles aquire value as a marketplace is established for them. For more, see The New Value Economy macrotrend.