A cashless system with a fashionable twist is enabling primary school students in Pretoria to make purchases and keep track of their spending with a simple tap of a bracelet.
South African education fund administrator Fundi developed the FundiPay system in order to digitise payments for the school goers, according to an IT News Africa report.
Via a smartphone app, parents load pocket money into a student’s account, while ‘innovative technology enables learners to pay with a tap of their bracelet, cards or cellphone to the merchant’s cellphone or terminal,’ says Fundi CEO Amasi Mwela. ‘The payment is processed within seconds and is secure.’
The system can also be used to boost financial literacy, prevent bullying and theft of tuck shop money – and schools no longer need to appoint security companies to do cash deposits or waste time counting and allocating cash.
According to Lucretia Khumalo, Fundi managing executive of fund administration, when a school signs up for FundiPay, they are given the wristbands (for the children) and a POS device for the fees office and/or the various areas where the device is required.
