Every school to be installed with digital payment terminals by 2025
DIGITAL payment terminals will be installed in every primary and secondary school in Singapore, as well as in all junior colleges and the Millennia Institute by 2025, under an agreement between the Ministry of Education (MOE) and DBS.
DBS and POSB will be installing these digital modes of payments, such as tap-and-pay terminals, in school canteens and bookstores.
The bank has already been installing these digital payment terminals in some schools since 2017, and this will now be extended to all schools, as part of a 3-year memorandum of understanding signed between MOE and DBS to widen students' access to contactless and digital payments.
These terminals can accept payments made through POSB Smart Buddy smartwatches or cards, as well as other payment modes, such as the School Smart Card and EZ-Link Card, said the bank in a media statement on Wednesday (Apr 13).
Under this extension, POSB Smart Buddy smartwatches will also be provided to students in other schools that have not participated in this digital payment programme.
Launched in 2017, the POSB Smart Buddy programme allows students to make payments and track their savings and spending habits through a mobile application.
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Jeremy Soo, who is DBS's managing director and head of consumer banking in Singapore, said that this partnership with MOE aims 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," he said.
MOE's divisional director for finance and procurement Clarence Tang said that 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.
According to DBS, some 40,000 students from about 80 primary and secondary schools are currently using POSB Smart Buddy smartwatches and applicable cards to make e-payments in schools.
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