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POSB Smart Buddy Programme

Wallets & Payments 2017
Digital Payments/Wallet Savings Youth/Kids banking

Elevator pitch

A contactless payments ecosystem to cultivate sensible savings and spending habits among young students in an interactive, engaging manner.

Innovation presentation

Global first POSB Smart Buddy programme
A contactless payments ecosystem within the school to help cultivate sensible savings and spending habits among young students in an interactive & engaging manner. It revolutionizes how money is handled by digitizing the end to end journey. Its accompanying Smart Buddy mobile app allows parents to remotely manage their children’s spending and savings, while empowering students to monitor their own finances.

Powered digitising savings and expenditure behaviour
The POSB Smart Buddy programme uses a portable and wearable watch for a contactless payment capability.

Parents link their savings account with the mobile application and effectively manage their child’s spending by setting a daily allowance limit in advance. They can also track their child’s expenses and savings in real- time via the accompanying application. Furthermore, parents can choose to automatically transfer the accumulated savings into their child’s POSBkids account, helping their children to cultivate a saving habit from a younger age in a digital and relevant way.

Take up rate for schools
Since the launch of the Smart Buddy Programme, the take up rate in schools is at a 60-70% high and increasing as the days go by. As more children get their hands on the Smart Buddy Watch, word will spread and this will help drive up the take up rate.

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