SINGAPORE - Some 6,000 primary school pupils can now use smartwatches to make cashless payments in their school and at selected retailers such as Cheers and Popular.

POSB on Wednesday (Aug 16) officially launched a savings and payments programme that uses these wearables for pupils, at Admiralty Primary in Woodlands.

The smartwatches, issued by the bank, are paired with a mobile app that parents can use to remotely allocate their children's allowances and track their kids' spending.

Through the initiative, called the POSB Smart Buddy Programme, the bank said it hopes to contribute to Singapore's Smart Nation push, in which transactions become cashless.

Besides helping parents to manage their children's daily expenses, the programme also aims to educate pupils on money management. Pupils can create their own savings goals on the app.

By tapping the smartwatches on payment terminals like an ez-link card, pupils from 19 primary schools - including Bedok Green Primary and Henry Park Primary - can pay for purchases in the schools, such as for canteen food and books.

The smartwatches can also be used at retailers that accept an updated version of Nets' contactless payment technology.