BankBazaar Singapore – 18 January, 2018
SINGAPORE: The Ministry of Education (MOE) has declared the use of PayNow service for faster payouts of Edusave Award funds to ITE (Institute of Technical Education) and polytechnic students. Approximately 34,000 recipients of this award will receive the award money through PayNow directly in their account.
The MOE mentioned in a press release that this initiative is a step towards Singapore’s efforts to become a Smart Nation. This is a pilot move to link more government awards and reliefs to the e-payment service.
The pilot will have two runs later this year. The first trial will be in April involving 9,000 ITE students and the second trial will be in September involving 25,000 ITE and polytechnic students. If the trials are successful, MOE will consider extending PayNow to all other students.
PayNow is an e-payment service that allows customers of 7 participating banks to transfer cash instantly using their mobile numbers, NRIC or FIN numbers. This means that the winners of Edusave Awards will receive their funds on the day of the ceremony itself.
Currently, recipients get the cash in the form of cheques and have to wait for two working days before withdrawing the money.
The MOE also said in their press release that they will share more details on this measure to grassroots advisors, ITE colleges, constituency offices, polytechnics, and winners for award ceremonies held before April. Furthermore, it will send instructions on how to sign-up for PayNow using NRIC number.
The banks currently using PayNow service are: