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DBS/POSB and Ministry of Education to expand digital payments access in schools

By Liu Hongzuo - on 13 Apr 2022, 1:09pm

DBS/POSB and Ministry of Education to expand digital payments access in schools

Xishan Primary School students showing off their POSB Smart Buddy devices and cards used for digital payments in the school grounds. Image credit: DBS.

By 2025, all Singaporean primary and secondary schools, junior colleges, and Millennia Institute will have access to contactless and digital payments.

That’s because DBS/POSB and the Ministry of Education today announced a new three-year Memorandum of Understanding (MOU), which will see DBS/POSB expand its POSB Smart Buddy programme to younger minds.

Image credit: DBS.

The programme will see additional digital payment infrastructure (like tap-and-pay terminals) inside school canteens and bookstores. These touchpoints accept payment made via POSB Smart Buddy cards, smartwatches, and other payment modes like School Smart Cards and EZ-Link Cards.

According to Mr Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank, the expansion of its digital payments programme for youth was designed to improve financial literacy and allow school-going children to familiarise themselves with digital payments. 

Image credit: DBS.

“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”, said Mr Jeremy Soo.

Since the programme’s start in 2017, POSB Smart Buddy has helped students and parents develop digital saving and spending habits through the campaign’s apps and devices. Today, about 40,000 students and 80 schools (both primary and secondary) use POSB Smart Buddy smartwatches and cards for digital payments.

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