Westpac Banking is planning to extend a new cashless payment service in closed environments such as corporate campuses, mining sites and universities.
To be launched in partnership with payments firm The Scotney Group, the system would allow students to make cashless payments in the school canteens and shops. Westpac now plans to make the system available to other sectors.
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Westpac expects that the system will take around $65m of cash out of circulation in 2014.
In order to use the system, users will be required to swipe building access card or use a mobile app to buy a coffee on-site, while the price will be deducted from their salary.
Additionally, the system can be used as a prepaid account, where users can reload from regular credit card and bank accounts.
Westpac institutional bank innovation and implementation for global transactional services head, Mike Baldwin, was quoted by Financial Review as saying that he thought the solution would work particularly well in closed environments such as aged care or universities where funds could be provided to users’ accounts by parents and other family members.
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By GlobalData"We think it is going to be a pretty big deal … It has obviously already been proved successful in the schools, which is a small end of the market, but we absolutely believe that the bigger end of town can use a solution like this," Mr Baldwin said.
