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DBS and the Education Ministry announced on Wednesday (April 13) that more students here can use contactless and digital payments in school.
DBS and MOE released a three-year Memorandum of Understanding which will widen the access to contactless and digital payments in all junior colleges or Millennia Institute, secondary and primary schools in Singapore.
DBS or POSB will install digital payment infrastructures such as tap-and-pay terminals in school canteens and bookstores.
Students can then pay through their POSB Smart Buddy smartwatches or cards, as well as by other digital payment methods such as their School Smart Card or EZ-Link Card.
“It is incumbent on us to ensure that no one is left behind in this digital age. The POSB Smart Buddy programme was designed to make digital payments and financial literacy simple, seamless, and accessible to all,” said DBS Managing Director and Head of Consumer Banking Group (Singapore), Jeremy Soo, in a MOE press release.
“Through this partnership with MOE, we aim to give every student the option to familiarise themselves with using digital payments in their everyday lives while learning how to cultivate prudent savings and spending habits. We believe these skills will provide a solid foundation for achieving financial wellness when they transition to the next stage of their lives.”
MOE recognizes the growing use of e-payment in Singapore, said Clarence Tang, MOE’s Divisional Director, Finance and Procurement Division.
“Having a cashless option in schools will provide students with an environment to use e-payment safely while enjoying the convenience and benefits of going cashless, such as faster transactions when making purchases,” he added.
The Smart Buddy Programme was launched in 2017 to boost cashless payments and assist families in tracking student spending and saving patterns.
It is the world’s first integrated in-school wearable digital savings and payment scheme.
Students can use the POSB Smart Buddy app to set savings goals, while parents can manage their child’s spending by setting daily allowance limits and viewing their child’s purchases in real time.
About 40,000 students in 80 primary and secondary schools already use the Smart Buddy system to make e-payments in schools.
According to a DBS survey of more than 600 parents, more than 65 per cent confirmed that the programme has helped their children to save and to better manage their expenses.
More than 70 per cent of the respondents also said the Smart Buddy scheme was a valuable tool for teaching their children about saving and spending.
“In addition, more than 90 per cent of parents surveyed believed that it was important for their children to be familiar with using digital tools for daily activities as the world becomes increasingly digitalized,” said MOE.
/TISG
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