VeryPay in Schools
The Problem
Parents normally give children cash to spend whilst at school. If they are at boarding school, they usually give large amounts to cover a whole term. This poses problems, as the parent has no control over, or visibility into how much the child is spending or what they are buying. Furthermore, cash can be stolen from their moneybox. If the money is handed over to a bursar and then distributed to the child upon request, this is a time consuming and manual operation.
If a child needs more money during the day or indeed in the middle of a term, it is difficult for a parent to send cash. In addition, mobile phones are often banned in schools making it impossible for a child to make a payment using a phone, even if there were no age restrictions on these services for children.
The Problem
Parents normally give children cash to spend whilst at school. If they are at boarding school, they usually give large amounts to cover a whole term. This poses problems, as the parent has no control over, or visibility into how much the child is spending or what they are buying. Furthermore, cash can be stolen from their moneybox. If the money is handed over to a bursar and then distributed to the child upon request, this is a time consuming and manual operation.
If a child needs more money during the day or indeed in the middle of a term, it is difficult for a parent to send cash. In addition, mobile phones are often banned in schools making it impossible for a child to make a payment using a phone, even if there were no age restrictions on these services for children.
VeryPay in Schools
VeryPay's Solution
A parent can simply go to their local mobile shop or agent and purchase a low-cost payment token, such as a contactless card or bracelet. This is then quickly paired to their mobile money account. The parent can now give the token to their child, who can use it to spend money in school and with other authorized merchants. They can even use it to ride the bus home or buy sweets from the shop on the way home.
The parent can see a record of the child’s spending and limits can be set. If the money runs out, they can instantly top it up using their mobile money app. If the token is lost or stolen, it can instantly be frozen by the parent, giving them safety and control over their child’s spending. School fees, school trips and other extra-curricular activities can also be paid directly to the school.
Conclusion
VeryPay offers a safer, more controllable way for parents to allow their children to spend money. VeryPay is the only option in what is currently a cash-dominated environment. By educating younger children around the value of mobile money and making payment tokens the norm, as younger generations move into the world of work - payment tokens will be commonplace.
