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Singapore Airlines has announced the introduction of a Cash & Points option to pay for airfare. Yes I was hoping it would look like Avianca's option to buy miles for cheap but it's the opposite – you can redeem miles for a cash booking.

There is a PDF that explains the process which will be available by July 18th.

From the screen shots it looks like the value of a mile will be just about 1 cent. This is the industry average for such options.