The cashless campus has been around for some time now, most colleges and universities will have some form of cashless outlet or service, the most common being cashless catering. A cashless campus will usually rely on the student (or staff member) using an ID card as an identifier and payment method with funds paid into a central account. The advantage of this for staff and students is they have one ID linked to one account to pay for goods and services on campus without the need to have cash on them. The university or college benefit as it operates on a closed loop basis where the funds deposited are held by the organisation, this also means the funds are spent on campus, which lead to an increase in on campus spend by as much as 20%. However, cards can have their drawbacks, they can be forgotten, become lost or even are put through the odd wash cycle.
Further and higher education organisations are great innovators and are constantly under pressure to improve student satisfaction levels (students increasingly see themselves as customers, especially since tuition fees increased). One of the innovations that could be considered is using students’ mobile phones as their identifier and payment method.
This makes sense, young people today are almost born holding a smartphone and will arrive at university or college already used to using their mobile to make payments (individuals aged 18-29 account for 37% of mobile payment users) so tapping into this mind set can provide HE and FE sites with:
- Service improvements
- Reduced queuing times
- Quicker transaction times
- Improved security – less cash on site
- Administration savings
- Staff time spent printing cards
- Costs associated with buying cards/accessories
- Time spent managing credentials
- Better security
- Reduces risk of accessing personal information
- Mobile payment solutions tokenise and encrypt data
- Less cash held on campuses
For some institutions, going cardless will be a long way off, however the payments industry and landscape is evolving very quickly and it is likely that students themselves will be instrumental in driving universities and colleges to adopt these new technologies.
If you would like to know more about cashless campuses and the solutions MonitorIT offer please call us on 01494 565066 or email firstname.lastname@example.org