Education Minister Maszlee Malik said he wants to set up a cashless system for schools in the future.

His ministry is already in talks with Bank Simpanan Nasional (BSN) to come up with ideas for a cashless school system, he said.

“It won’t happen overnight. This will probably be realised during our grandchildren’s time.

“We (ministry and BSN) have already reached a consensus to carry out a pilot project in a few selected schools,” The Star Online reported Maszlee as saying last night.

Some schools in Malaysia are already using a cashless system, he said, such as SK Bukit Lanjan in Damansara Perdana.

Maszlee believes that a cashless system in schools would lead to fewer incidents of theft among schoolchildren.

It is interesting how China has transformed into a cashless society, he noted, adding that he can already imagine schools using a cashless system in a few generations.

There is no need for credit or debit cards, he said, as nowadays even a QR code can be used in transactions.

He also stressed the importance of schoolchildren gaining financial literacy.

“We want the young generation to adopt a positive attitude on prioritising expenses, be able to prepare for their future and be ready for rainy days,” Maszlee said.