All schools to offer digital payment options in canteens and bookstores by 2025
DBS and MOE are expanding the POSB Smart Buddy Programme which allows for in-school contactless payments.
Students in all schools will be able to purchase food and school supplies through cashless payments by 2025, the Ministry of Education said in a media release on Apr 13.
They can do so through digital payment infrastructure such as tap-and-pay terminals, which DBS will install in school canteens and bookstores across all primary and secondary schools, junior colleges and Millennia Institute.
This follows a partnership between DBS and the Ministry of Education (MOE) through a three-year Memorandum of Understanding, formed to widen Singapore students’ access to contactless and digital payments.
The tap-and-pay terminals can accept payments made through POSB Smart Buddy smartwatches or cards. Other payment modes like the School Smart Card and EZ-Link Card are accepted too.
POSB Smart Buddy is an in-school digital savings and payment programme that can be accessed through a mobile app and a smartwatch. It allows children and parents to track their spending and saving patterns. Parents can also monitor their children’s purchases and manage their daily allowance.
Through the partnership with MOE, DBS aims to familiarise students with digital payments while helping them cultivate prudent saving 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,” said Mr Jeremy Soo, Managing Director and Head of DBS Singapore.