CASHLESS PAYMENTS
Spending goes new school
There is no longer a need for cash. With just a bracelet, primary school children can pay for their lunch at the tuck shop
In a "junk" economy such as ours, where budgets are tight, knowing the value of a buck can go a long way to prevent screaming showdowns between kids and parents in supermarket isles. But in the age of pop-up adverts, online purchases and digital currencies, teaching a child about money can be difficult. Education financier Fundi has developed a cashless system in the form of a bracelet to digitise payments for primary school pupils. Similar systems are used in other countries. Some schools in the UK use fingerprint identification to enable cashless payments for school meals. In Russia, payments are made by scanning a child’s palm. India has begun a system that allows parents to pay school fees at pay points, in a step towards cashless schools. Fundi’s bracelet, called Fundi Pay, lets parents load money into an account that is managed through a smartphone app, with transactions made through the child’s rubber wristband. The system, which is being implemented at primary schools in Pre...
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