Smart Cards and eWallets to be Introduced in Schools by CBSE to Promote Financial Literacy

Smart Cards and eWallets to be Introduced in Schools by CBSE to promote Financial Literacy


In order to promote e-payment on education, CBSE is to introduce eWallets and Smart Cards in schools. From next quarter, transactions by e-payments will be mandatory in all CBSE affiliated schools. 

On December 7, Central Board of Secondary Education (CBSE) convened a meeting of about 350 nodal schools and deliberated on how to make the schools go completely cashless. The board has also issued circular that the staff payment and payment of fees should be only done through "non-cash" mode.

CBSE has also decided to introduce smart cards in canteens and tuckshops to promote financial literacy and to inculcate the habit of cashless transaction among the students. 

                            Read Also:

                            Samsung Smart Schools to help Educationally Marginalized Students

“The schools are now being asked to sensitize students on the cashless transaction and how to keep it safe. However, it’s an advisory,” said a senior CBSE official. “Students’ involvement will make the promoting cashless transaction easier.” 

The board is planning to allow e-wallets like Paytm and SBI Buddy for its competitive exams.  It will also do away with the Challan mode of payment for affiliation for next year when the new cycle starts. All school payments will be accepted by either net banking or credit/debit cards.

Kendriya Vidyalaya Sangathan has decided to train students from Class IX onwards and teachers about cashless modes of payment and also use the services of Scouts and Guides to educate various sections of society. 

Expertise from local banks/financial institutions, postgraduate teachers on computers, commerce and economics will take these sessions. 

Interactive sessions for parents are also to be conducted in all CBSE schools to spread the awareness of e-payments.

Keeping demonetization in mind, CBSE has introduced the e-payment of fees for exams, affiliations as well as any other activities held in schools.