On Tuesday, Ontario Premier Kathleen Wynne announced that she will soon be introducing legislation that will allow the province’s two largest banks to offer smart cards to students and workers, allowing them to access financial institutions, the CBC reports.
“I’m calling for a new generation of students, students who will be able to access a whole range of services, including financial institutions and student services, and access all the services that they need without having to use their card,” Wynne said Tuesday.
The legislation, which was expected to be signed into law in the coming weeks, will also allow the government to provide smart cards for all Ontario residents by 2019.
While the legislation is aimed at boosting student financial access, it is also expected to make the government more accountable for students’ finances and the Ontario government will be required to provide annual reports to parliament.
As a result of the changes, Ontario is expected to see an increase in student financial aid applications and enrolments.
In addition, Wynne has been working with the U.S. government to expand access to smart cards.
In April, the federal government announced that it would allow the use of smart cards by some federal employees, and that some companies such as Apple will also be offering the cards to employees.
“There’s no doubt that this is going to be a big positive for the economy,” said Kevin Boyd, an economist with the Ontario Chamber of Commerce.
But some students are concerned that the legislation will put pressure on schools to provide less-than-stellar financial aid.
“The smart cards, which are supposed to be for all students, are going to help some students and help the wealthy students,” said Stephanie Mowat, a student at St. Catharines College.
“But if the cards are available to students who have a higher need, then we will see an over-reliance on them.”
Students, unions and education organizations have expressed concern about the impact of the legislation, saying that students will be less likely to apply for financial aid and the financial aid will be more difficult to access.
“When we get a card, we can access all kinds of services,” said Nadine McPherson, a member of the Ontario Federation of Students.
“We’re not going to have the same level of access that we have today.”