The Potential Of A Cashless Education Ecosystem

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The Potential Of A Cashless Education Ecosystem
Rajan Wadhwa - 02 July 2019

Educational institutions all over the world are embracing digital technologies to modernise their campuses and boost the overall learning experience. These institutions play a pivotal role in shaping the youth of the country and in preparing them for the future.

The government is making heavy investments in its Digital India program to transform the country into a digitally empowered and knowledge-driven society. Educational institutions are directed to encourage non-cash modes of payment for fees. CBSE schools have been advised to accept only online and non-cash modes of payment and to pay salaries or wages to vendors through digital means. These are the first steps towards a truly cashless society.

Here’s a look at how digitised campuses benefit the education ecosystem, students, parents and society at large –

Improves Quality of Education

Moving payments into the digital realm allows institutions to focus on their core expertise of imparting education. Digitization and automation of repetitive and mundane tasks for payments, like collecting, handling, processing and tracking of payments allows staff members to focus on more productive areas.

Reduces Administration Burden

Manual administration processes such as collection of cash or cheque for fees and reconciliation of payments collected from parents with bank statements is time consuming and error prone. Instead, digital campuses can provide students with digital interfaces for payments throughout the campus. Touch points such as the library, canteen, and gymnasium would be completely digital, eliminating errors and saving hundreds of hours of staff members’ time, allowing institutes to increase the focus on academics, infrastructure, and overall development of its students.

Improves Convenience for Parents

Today, when people are pressed for time, it is very difficult for parents especially working parents, to be physically present when various sort of fees (lunch fees, library fees, tuition fees etc.) are being paid. The easier solution is to let parents make payments through the cashless route, which gives them the flexibility of paying via their preferred mode of payment and from anywhere. In addition, digital solutions allows them to keep a track of their payments and place reminders for upcoming fee payments.

Seamless Communication

In a digitally transformed and connected campus, the administration can seamlessly communicate with a batch of students or the entire college using a digital administration module. The students can receive important information as notifications on their mobile phone. Colleges can thus free themselves of the time, effort and manpower required to send notices to each class, upload information on bulletin boards or communicate with a specific student through letters or emails.

Improves Record Keeping

Payment transaction activity and other information (permission slips, invoices and lunch orders) are all held in the digital realm, so records are consistent, available and not at risk of loss. The digitization of such transactions also allows for greater ability to track and trace transactions that have been made.

Build a Great Brand

By creating digital, cashless and connected campuses, educational institutions can provide a cutting-edge environment and a comprehensive learning experience for its students. This leads to recognition, enhancement and reinforcement of a college’s brand.

Digitisation of the payment process for educational institutions has far reaching impact. The automation of this process has the potential to transform the way education is perceived, imparted and received in our country. Its benefits are not restricted to students and teachers alone, they extend well beyond to include society and the economy as a whole. It is in preparing the young generation for Digital India. Digitisation not only alleviates the burden of chasing payments and reduces coordination efforts, but also enables us to raise a financially prudent generation.

The author is the Head of Business, Slonkit

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