eMoney News

Student entrepreneurs receive funding for cashless wristband
2 Apr 2012

Student entrepreneurs in south London have received funding to develop an e-money wristband for schoolchildren.

The Southfields Community College students secured £3,000 at the fourth annual Apax-Mosaic Enterprise Competition, which offers 11-16 year olds the chance to gain business experience.

The group, known as Team Core, successfully pitched their idea for a cashless wristband system in front of a Dragons' Den-style panel including the Prince of Wales and communities minister Andrew Stunell.

The technology would allow children to pay for school dinners, stationary and school trips by simply holding their wristband against the provided readers. Parents will be able to track their children's spending both in school and at participating local retailers.

Mentor Sabu Shaukat said: "The young people put in a tremendous amount of effort throughout this process, while also juggling their exams and other commitments.

"It has been very inspiring to see their confidence and self belief grow each week and I am delighted at their success today."

ITV newsreader Mary Nightingale hosted the final in the Holborn office of law firm Hogan Lovells on 15th March.

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