In July last year, for the first time, a school in Sabah, SM Sains Sabah (Smesh) has implemented its cashless school system which uses the eM-ONEi digital wallet platform. The platform enabled both students and school staff to make payments via an e-card. Education and Innovation Minister Datuk Dr Yusof Yacob commended the initiative and hoped that the digital system will improve the efficiency of the canteen and co-operative management in the school.
“The business transactions in both outlets will surely be smoother, apart from a more systematic account management.Furthermore, it would be easier for parents to transfer money to their children or monitor their expenditure online through the digital wallet platform.”Source: Education and Innovation Minister Datuk Dr Yusof Yacob, Daily Express
Fast forward to this year, The Star reported that Education Minister Dr Maszlee Malik said that the Ministry is working towards building a cashless eco-system in schools and is currently in discussion with Bank Simpanan Nasional (BSN) to come up with plans to transform schools into cashless schools, although, he further commented, the implementation won’t happen overnight.
“It won’t happen overnight. This will probably be realised during our grandchildren’s time. We (ministry and BSN) have already reached a consensus to carry out a pilot project in a few selected schools,”Source: Education Minister Dr Maszlee Malik, The Star
In the same report by The Star, Dr Maszlee commented about how he found it interesting that China had changed to a cashless society and how the use of a credit card and debit card are outdated methods and that all they needed was a QR code.
“Even credit and debit cards are outdated. All they need is a QR code, We want the young generation to adopt a positive attitude on prioritising expenses, be able to prepare for their future and be ready for rainy days.”Source: Education Minister Dr Maszlee Malik, The Star
In a report by Fintech Malaysia, there is a clear indicator that shows the e-money scene continuing to mature in Malaysia with the volume of transactions with e-money showing it being used quite often despite cash circulation is still high.
Subscribe for more stories, and follow us on Facebook.