Mastercard has collaborated with Hong Kong education app developer GRWTH to bring a new cashless payment method to schools and parents, enabling both parties to settle daily school payments through an app.
Under the new partnership, the app integrates digital payments, account reconciliation, student profiles, home-school communication, as well as school administration into a platform, making schools and parents handle daily school payments easier, as all school expenses can be settled via the in-app digital payment function which eliminates the necessity to deal with cash or cheques.
Mastercard said the partnership addresses the pain points faced by parents in daily school payments situations, such as spending a lot of time on preparing cash or issuing cheques, keeping track of expenses paid in small amounts, and students missing out opportunities to join school activities caused by losing cash or cheques.
For schools, it also helps save administrative time and costs relating to complex payment procedures.
“By bringing together edutech and fintech, Mastercard aspires to alleviate the pressure of handling large amounts of cash and cheques for schools and parents, not only by providing them with fast, safe and convenient cashless payment experiences but also by helping them devote more time and energy into students’ growth and development,” said Helena Chen, managing director, Hong Kong and Macau, Mastercard.
GRWTH has recently launched the service to 10 schools in Hong Kong as part of a pilot programme. The company is also planning to gradually expand the service to all kindergartens, primary and secondary schools in Hong Kong.
“GRWTH links up students, school administrators and parents and provides them with powerful yet innovative tools for better home-school communication and organisation. By connecting the education, finance and technology sectors, we aspire to push forward the development of digital payment in Hong Kong,” commented Adam Chan, co-founder and CEO of GRWTH.