A teen-focused Fintech startup based in India, Pencilton has recently launched PencilCard, a debit card that is compliant with National Common Mobility Card standards. It has been launched in partnership with Transcorp. The National Common Mobility Card was developed by India’s Ministry of Housing and Urban Affairs in early 2019. It allows the user to pay for travel, toll duties, retail shopping and withdraw money.
Features of PencilCard:
- PencilCard works for both online and offline payments in addition to its utility as a metro and bus card. It can currently be used for travel on the airport line in Delhi and a KTC bus card in Pune. It will soon be accepted for metro travel in Pune, Chennai, and Mumbai. Also in the works is utilization on BEST buses in Mumbai.
- PencilCard is also a Platinum RuPay card that brings additional perks such as free access to all airport lounges in India. Users can activate their card via the Pencilton app for loading money, getting a category-wise spend analysis, blocking or unblocking cards, setting limits, establishing savings goals, saving in a ‘digital piggy bank’, finishing chores given by parents for bonus pocket money and accessing a variety of other functions.