According to a statement for users, a single PencilCard will serve multiple needs as this debit card which works for online & offline payments just like any other debit card also doubles up as a metro card, and bus card – an all-in-one card. The debit card can already work as a metro card for travel in Delhi (Airport line) & as a bus card in Goa (across KTC buses). It is also scheduled to be accepted for metro travel in Pune, Chennai & Mumbai as well as in BEST buses (Mumbai) very soon.
The statement adds that this contactless prepaid debit cards can be used for payments across various channels, including retail shopping offline, online shopping, travel and in the future – tolls and parking, among others. It comes with the capability to store seasonal tickets & monthly passes, using which Mumbai local authorities are planning to let season ticket holders top up the ticket via the card and purchase tickets.
Pencilton’s PencilCard is also a Platinum RuPay card, and therefore, it comes with some additional benefits like free access to lounges at all airports in India.
Following the principles of Bauhaus, the card’s design and packaging minimize wastage during manufacture and unboxing. Users can activate their card via the Pencilton app for loading money, getting a category-wise spend analysis, blocking/unblocking cards, setting limits, setting savings goals, saving in a ‘digital piggy bank’, finishing chores given by parents for bonus pocket money and accessing a variety of other functions. The Pencilton app allows for gamified learning around pocket money, facilitated by interactive community involvement, making it more than just a payment app. Quizzes and exercises at various levels are included in this type of learning, and youngsters can earn PencilPoints while learning about money.
“We are very excited about the launch of PencilCard. The fintech for teens space has grown rapidly in recent years, highlighting the need for innovation and technology adoption to make financial literacy more accessible to teens. Therefore, Pencilton chose to bridge the market gap by introducing India’s first Debit Card for teens with NCMC that encompasses the very best of the ever so vibrant Indian fintech ecosystem, “said Vishwajit Pureti, Co-founder and CEO of Pencilton, in a statement.
Pencilton is offering the virtual PencilCard for free. The physical card is priced at an affordable Rs 199. As part of the launch promotion, users can get their PencilCard for just Rs.99.