As our financial systems become increasingly digitalised, shops and customers have also been embracing the cashless approach.
Now, it appears students in Singapore might be the next in line to transition toward digital payment.
Source: Facebook
Come 2025, students in all JCs, secondary, and primary schools will be able to make meal and bookshop purchases using smartwatches, cards, and EZ-link cards.
In a press release on Wednesday (13 Apr), MOE shared that they have partnered with DBS and POSB to expand contactless payments to all schools by 2025.
This will be done through a three-year Memorandum of Understanding (MOU), aiming to widen access to contactless and digital payments in all Singapore schools. This includes primary schools, secondary schools, JCs, and Millenia Institute.
DBS and POSB will install tap-and-pay terminals and other digital payment infrastructure in school canteens and bookshops. These terminals will accept payments from School Smart Cards and EZ-Link Cards.
Source: Facebook
Alternatively, students can pay using the POSB Smart Buddy smartwatches or cards, which will be free for all students.
Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank, Mr Jeremy Soo, reiterated that no one will be left behind in this programme.
He believes that these skills will give them a headstart in achieving financial wellness as they transition into later stages of life.
Additionally, going contactless in schools will allow them to use e-payment safely while also reaping the benefits of going cashless.
The press release also stated that the POSB Smart Buddy Programme, launched in 2017, is the world’s first in-school wearable digital savings and payment programme.
The programme allows students and their parents to monitor their children’s spending and saving patterns using the POSB Smart Buddy app.
Source: Facebook
Additionally, parents can set daily allowance limits while viewing their child’s transactions in real-time.
The announcement of the initiative might draw mixed reactions from people, especially since some might still prefer to make cash payments.
Nevertheless, there is no denying that the world is heading in a more digitalised direction. Therefore, it is important for students to be prepared and adapt to these new changes.
Hopefully, the programme will nurture a new generation of digitally and financially literate people ready to face the world.
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Featured image adapted from DBS on Facebook.
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