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By 2025, students in primary and secondary schools, as well as junior colleges and Millennia Institute, will be able to make e-payments in schools.

In an Apr. 13 joint press release, the Ministry of Education (MOE) and DBS said that they have signed a three-year memorandum of understanding to "widen the access to contactless and digital payments in schools".

Tap-and-pay terminals in schools

As part of this project, digital payment infrastructure, including tap-and-pay terminals, will be installed in school canteens and bookshops.

The tap-and-pay terminals will be able to 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.

POSB Smart Buddy Programme

The POSB Smart Buddy Programme, which was launched in 2017, is an integrated in-school wearable digital savings and payment programme.

Under the programme, students can track their own spending and saving patterns via the POSB Smart Buddy mobile app. Their parents will also be able to do the same via the app.

Additionally, students can use the app to set savings goals, while parents can manage their child's spending by setting daily allowance limits and viewing their purchases in real time.

Currently, around 40,000 students from about 80 participating primary and secondary schools are using POSB Smart Buddy smartwatches and applicable cards to make e-payments in school.

Programme has benefitted the children

According to a DBS/POSB survey of more than 600 parents, 65 per cent of the respondents said that the POSB Smart Buddy Programme has helped their children save and manage their expenses better.

More than 70 per cent of respondents also found that the programme was useful to help educate their children about savings and expenditure.

In addition, more than 90 per cent of the parents surveyed believed it was important for their children to be familiar with using digital tools for daily activities in the current digitalised world.

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Top images via DBS.