How cashless education ecosystem benefits students

Published: June 11, 2019 2:17:45 PM

Educational institutions serve as the breeding ground for young minds to train and adopt a digital mindset for creating a truly cashless society.

Online payments, digital, cashless, Educational institutions, prepaid cards,Here’s a look at how digital and cashless campuses simplify the lives of its students

Digital is becoming the norm of life. Government is investing heavily to transform the country into a digitally empowered society and knowledge economy. Educational institutions across the country are realizing the benefits that cashless campuses bring not only to the teaching and non-teaching staff but students, parents and society at large.

Educational institutions serve as the breeding ground for young minds to train and adopt digital mindset for creating a truly cashless society.

Here’s a look at how digital and cashless campuses simplify the lives of its students:

Integrated Payment System

Digital campuses provide its students with digital interfaces for payments throughout the campus. Touch points like library, canteen, and gymnasium will be completely digital allowing the students to focus only on academics.

A blended solution

Cutting edge digital campuses provide blended solution that combines the advantages of mobile app based solution and physical prepaid card. This provides immense flexibility to students as they can make payments even when they are in bad network range through their prepaid cards.

Educational institution campuses are mostly situated at the outskirts of cities. If students are not staying at the campus, they have to undertake significant amount of travelling to and from campus. A blended digital solution can be used even when their mobile phones run out of battery.

Convenience of making payments

Online payments provide a frictionless process for both parties.  Students can pay fees at the click of a button on their smart phones, which gives them the freedom to pay fees from anywhere and anytime. This results in saving students’ time and efforts as they don’t have to stand in long queues for making payments at various touch points within a campus.

Lowers risk

One of the biggest advantages of having digital campuses is that students no longer need to carry wads of cash for several fee payments. This makes their travelling experience pleasant and safe. In addition, in case of theft or loss, it is easy to block a card immediately, but it’s impossible to get the lost cash.

Value for Money

Digital solutions providers offer exciting discounts and cash-back to students at their favorite merchant outlets or online stores. This enables the students to maximize the value of their money.

Provides avenues to develop good money habits

A digital campus provides avenues to its students to practice money management. Students can categorize their expenses such as food, books, movies, etc., put a cap on expenses under each category and monitor their expenses on monthly basis. This habit will teach them budgeting. Further, they can view their expenses in a neat graphical representation which helps them understand their spending behavior. Equipped with these insights, they can make smart decisions and become prudent with money.

( By Rajan Wadhwa, Head of Business, Slonkit )

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