Education Wallet Solution
Accountability & Integrity through Technology™
Amethyst™ provides the means for bursaries to be paid into the Student’s Wallet, and sub-divided to ensure that the allocated funds are used as intended into the various sub-Wallets. Once in the sub-Wallet rules dictate if money can be moved between Wallets, and what the Wallets can be used for. This means that money for textbooks cannot be used for grocery shopping for example.
In addition, full reporting and auditing of transactions, spend, and appropriation of funds are automatically available to sponsors. Students therefore learn to deal responsibly with money, learn to budget, while there is full visibility and accountability in the system regarding the funds.
Furthermore, easy access to payment methodologies will empower the student to transact using both their mobile interface, as well as the Wallet Debit Card. This will reduce Merchant costs for merchants onsite at the university, increase sale volumes and reduce transaction time, while the student can also swipe their card outside of the university merchant network, and withdraw funds at ATMs when needed.
Artist Proof Studio makes use of the Value Wallet™ system to disperse funds to students for bursaries, stipends, and artworks sold. This has reduced operational time, cash risk, and ease of administration for the administrative team, increasing accountability for accountants and finance teams to the board, and made access to funds for students easier and more accessible. Students have the ability to buy VAS, Withdraw funds, Swipe at Retail POS’ and send money to other students.