SINGAPORE: A digital watch that teaches children to manage their money was officially launched in 19 primary schools by POSB on Wednesday (Aug 16).
Launched under the POSB Smart Buddy programme, the watch helps students to track their savings and spending habits. Students can use the watch to pay for their purchases at school canteens and bookstores, where digital payment terminals have been set up.
Students can also use the watch to pay for purchases at all merchants with NETS contactless terminals.
Parents can link their savings account with an accompanying mobile app and set a daily allowance limit. They can also send their child emergency money and monitor their spending, savings, eating habits and activity levels.
Accumulated savings can be automatically transferred into the child's POSB account. If the child loses his watch, parents can remotely disable the devices.
Kiosks have been set up in the schools, allowing students to scan their watches to check on their remaining allowance for the day.
The 19 primary schools participating in the programme are: Admiralty, Alexandra, Anchor Green, Bedok Green, CHIJ (Our Lady Queen of Peace), Concord, Fuhua, Haig Girls, Henry Park, Jurong West, Keming, Pei Chun, Raffles Girls, Shu Qun, Townsville, West Spring, West View, Woodlands Ring and Zhangde.
The watch also doubles as a fitness tracker that can monitor students’ daily steps, distance travelled and calories burnt.
Upcoming features include an in-school locator, which allows parents to track their child’s location within the school compound, and a school bus locator where parents can track the real-time location of the bus and be notified when their child boards or alights from the school bus. Both features are currently in the testing phase.
Plans are also underway to introduce a biometric payment solution, the bank said.
Since the programme’s pilot a year ago, 6,000 POSB Smart Buddy watches have been issued to students, with 2,000 watches issued in the last two months alone. The programme is fully subsidised by POSB.
Mr Jeremy Soo, DBS’ managing director and head of consumer banking, said the programme allows students to keep up with time and embrace digital payments.
"It transforms the age-old pocket money tradition, teaches students how to manage their expenses and save wisely, and provides small business owners in schools greater incentive to adopt digital payments," said Mr Soo.