For subscribers
Should I give my child a debit card?
It can be a useful teaching tool for children to learn about money management. But parental guidance is key.
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Singapore is moving towards cashless payments, even in school canteens and bookshops.
ST ILLUSTRATION: MIEL
Chuin Ting Weber
Financial institutions have increasingly introduced new products that put cashless payments into young hands.
POSB’s Smart Buddy programme, which allows children to pay with a wearable smartwatch or card linked to a parent’s account, was launched in 2017. In 2022, the Ministry of Education said it would be extended to all primary and secondary schools, junior colleges and Millennia Institute by 2025.
