KOCHI: Federal Bank on Monday launched ‘Campus Wallet’, a student identity card integrated with banking technology in tie-up with technology startup Chillar Payment Solutions.
Campus Wallet is a futuristic ID card that facilitates students to make small payments within their school/college campus without opening a bank account. Parents can pre-load the desired amount to these cards using their debit/credit cards or through net banking by using Federal Bank’s payment gateway. Students can make payments in stores, canteen, library etc within the respective campuses by flashing the Campus Wallet card at the special swiping machines installed at these locations.
It aims at streamlining and easing the administrative tasks in school/college campuses. Campus Wallet could well, help mitigate administrative hassles at schools and colleges and encourage the use of new age payment solutions among students at a young age.
Since students can use campus wallet only in their respective campuses, parents can ensure control over spends using this card. “Besides, reports and alert messages to parents with usage specific details like books taken from library, food consumed at canteen etc are add-on features of this new generation ID card,” said Mohan K, Deputy GM, Federal Bank.
Chillar also provides a free app for parents with multiple features like result updation, card recharge, spending pattern tracking, e-diary, leave application and liaison with teachers.
“Now 16 schools in the state of Kerala are our customers and around 14,000 students are using the Campus Wallet. In association with Federal Bank we want to launch the product in more areas in Kerala and Bengaluru city, said Asif Basheer, Managing Director, Chillar Payment Solutions.
The company has set a target to reach to 120 campuses by the end of this academic year covering 1.80 lakh students. “We have already received interest from 78 educational institutions to launch the product,” said Basheer.