POSB launches smartwatch for pupils to make cashless payments
About 6,000 pupils from 19 primary schools can now use smartwatches to make cashless payments in schools and at selected retailers such as Cheers.
By signing up with the POSB Smart Buddy Programme, their parents can also monitor how much the children spend and what they buy.
POSB launched the programme, which utilises wearables linked to the parents' bank account, yesterday.
The free smartwatches are paired with a mobile app that parents use to allocate their children's allowances and track spending.
By tapping the smartwatches on payment terminals in schools, which include Bedok Green Primary and Henry Park Primary, the pupils can pay for things like food and books.
The smartwatches can also be used at retailers that accept an updated version of Nets' contactless payment technology.
The bank also aims to educate pupils on money management and help parents manage their children's daily expenses.
Using the app, parents can opt to automatically transfer their child's savings into his ePOSBkids Account every month.
Primary 4 pupil Bosco Wong, 10, who goes to Admiralty Primary, said after he got his smartwatch in May, he considers each purchase.
If pupils misplace their smartwatches, their parents can disable them remotely.
POSB hopes to extend the programme to the other primary schools in the next two years.
Speaking at the launch at Admiralty Primary, Mr Ong Ye Kung, Minister for Education (Higher Education and Skills), said the smartwatches would be useful for children as not all of them have smartphones.
But he added that while Singapore should aim to be a Smart Nation, "it is a process we must manage carefully".
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