POSB trials cashless programme for seniors

The ATM card doubles up as fare card and is held in a "Smart Sleeve" that tracks steps.
The ATM card doubles up as fare card and is held in a "Smart Sleeve" that tracks steps.PHOTO: LIANHE ZAOBAO

Smart Senior scheme is a collaboration between bank, Republic Poly and Yishun Riverwalk RC

These days, Madam Asmah Md Yassin, 55, flashes a card to pay for items and also uses the same card when taking public transport.

The housewife said it has been more convenient than using an ez-link card. She does not have to constantly top up the amount in the free contactless ATM card she received from POSB because it is linked to her bank account.

"It's safer and more convenient because I don't have to carry so much cash around with me," she said.

The Yishun resident is one of 62 in the estate, aged 55 and above, recruited for a three-month trial by the bank to get senior citizens on board Singapore's cashless drive.

They were each given an ATM card a few days ago that also doubles up as a public transport fare card. The card is held in a "Smart Sleeve" which also performs a step-tracking function.

Those who clock 100,000 steps and make at least 10 contactless payments in a month will get up to $50 credited into their bank account.

The POSB Smart Senior programme is a collaboration between the bank, Republic Polytechnic and the Yishun Riverwalk Residents' Committee (RC). It was developed based on feedback gathered from senior citizens in the area.

The initiative was launched at an event yesterday attended by Education Minister Ong Ye Kung, the Member of Parliament for the area.

About a quarter of the residents in the 1,400-flat development are aged 50 and above.

Feedback gathered from participants at the end of the three-month trial will be used to improve the initiative.

Mr Jeremy Soo, managing director and head of the consumer banking group for DBS, which owns POSB, added: "We took special care to design the programme's mechanics and device functionalities so that our seniors can enjoy a seamless experience when using the POSB Smart Sleeve."

The bank has waived the minimum $500 balance requirement for customers above the age of 62, he added.

Last year, POSB launched the Smart Buddy programme, which provided pupils from 19 primary schools with smartwatches that can be used to make cashless payments.

The bank aims to eventually involve all 191 primary schools here.

A version of this article appeared in the print edition of The Sunday Times on May 06, 2018, with the headline 'POSB trials cashless programme for seniors'. Print Edition | Subscribe