ITE, poly students to get Edusave Award money faster via PayNow

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Edusave Award winners from the Institutes of Technical Education (ITEs) and polytechnics will no longer have to wait two days to get their award money.

For the first time, PayNow will be used to disburse the awards, which were started in 1993, said the Ministry of Education (MOE) yesterday.

It will first be used in April, involving 9,000 ITE students. In September, another 25,000 ITE and poly students will be able to benefit from this.

PayNow is a service that lets people transfer money to each other almost instantly, just by using their mobile number or NRIC or Foreign Identification Number details.

MOE said this measure is being introduced "for greater convenience and efficiency, in line with Singapore's efforts to become a Smart Nation".

Award recipients currently get certificates and the money in the form of a cheque. They would have to go to a bank to deposit the cheque, before getting the money within two working days.

The use of PayNow means they will receive the money on the day of the awards ceremony itself.