Pandemic knows it revolutionized the world in every manner. We have changed the payment methods. It started earlier in 2004 but not became the norm in society. Now the pandemic appears to be speeding up towards a cashless future. Schools are also adopting cashless payment systems.
In UAE, figures show that online grocery has increased by 80-100% in the pandemic’s early phase. After lockdown, restaurants and retail shops have changed the policies with SOPs, a cashless payment system in schools is also becoming a new trend.
It is the first time that ‘non-cash’ payments have to exceed so much that even school management has adopted ways to avoid the virus’s contact as much as possible.
Effect of the cashless payment system on Schools:
From one insight, removing cash can not only reduce administrative time and energies spent on collecting and handling money, but it can also reduce the security risk of misplacing cash.
It also eliminated the cost of physical collection and deposits in banks. Cash is a powerful way to pay for many people, more comfortable to pay via money because most people don’t own credit cards and bank accounts. Parents who do not carry cash might get help from not having to remember to visit a cash machine.
But people living in rural areas can find it challenging to visit ATM all the time soon. With the advancement in technology, it is essential to recognize that every method has pros and cons.
Online Payment Services:
There are some online payment services specifically designed for parents and schools. Parent Pay is an app that covers over 5000 schools in the UK, and it removes the need for cash and allows parents to check their account statements and payment history. This app also sends an alert message to the parents, reminding them about the payment.
AVI Infosys is a cashless payment service provider that helps small businesses take help from cashless payment systems in schools and retail.
Cashless payment systems offer many benefits to schools, students, and parents in the form of:
● save children from bullying on late payments.
● No risk of lunch money being stolen or misplaced
● Health lunch activity as lunch money is paid online.
Cashless has a positive impact overall by the cashless system. No need for cash, cheques, and paperwork involved in the complete payment. Plus, the schools that have given parents the cashless facilities have seen increased uptake in school meals.