We had something like that (although the workings were different I think) back in the late 1990's when I was at Uni in York. It was called Mondex and it worked ok, but at the time it was pretty slow. Our student ID cards had a Mondex chip in them that you could load up on some of the cash machines and payphones on campus. Everyone had a keyfob that could read the balance, and you could get a little calculator like device that could transfer between cards. All the on-campus tills and vending machines supported it and a lot of the uni societies hard transfer readers to take payments.

It was kind of neat, but also slow and a bit clunky. Having an epaper display on them to show the balance would make a modern version better, and presumably the chips could be made faster. Needing a third device to do transfers meant you couldn't use it between people easily.

https://en.wikipedia.org/wiki/Mondex