Pencilton, a teen-focused fintech startup, has launched PencilKey, the NCMC-complaint RuPay ON-THE-GO contactless keychains for teens, in partnership with National Payments Corporation of India (NPCI) and Transcorp. Pencilton has taken a step forward in encouraging financial literacy in youngsters by providing them with cutting-edge financial tools and technology. Transcorp PPI is the fastest & resilient issuer for co-branded instruments and has demonstrated success for its partners to achieve their desired goals by aligning stakeholder deliverables.
Users can activate and manage their PencilKey through the Pencilton app which is also used to load money, check spends, block/unblock the account, set limits, and so on. Therefore, PencilKey is linked to the PencilCard which is an all-in-one Prepaid card, metro card, and bus card. PencilKey is equipped with the benefits of NCMC which works at the Delhi Airport Metro line and Goa’s buses currently. It is also scheduled to be accepted for metro travel in Pune, Chennai & Mumbai as well as in BEST buses in Mumbai.
The Pencilton app is not just a payments app but also enables gamified learning around pocket money driven by interactive community engagement. Users can manage their money with access to features like category-wise spend analysis which is present in form of an interactive pie chart, savings goals, piggy bank along with smart & fun insights such as details of favourite merchant, preferred time of shopping, etc. Through the help of the Pencilton’s app users can also finish quizzes and tasks to level up and earn points known as PencilPoints which will soon be launched with more exciting features.
Speaking on the launch, an elated Viraj Gadde, Co-founder, Marketing and Partnership of Pencilton, said, “We at Pencilton are excited to introduce PencilKey which is a step towards introducing advanced payment methods to our smart generation, with PencilKey users can pay on-the-go by just tapping on the POS machines. Since teens & students nowadays are very smart and adaptive, they are very well versed with systems around them that is constantly evolving and advancing.”
Viraj Further added “Today’s generation is always excited to learn and adapt to the latest technology for a smarter living. So, it’s on us to provide them with revolutionary Fintech products using which they can start becoming part of the digital ecosystem at an early age.”
Ayan Agarwal, Head – PPI division, Transcorp commented, “As NPCI’s preferred partners for new product innovation; and upon the network’s request – Transcorp has once again launched a first in market offering and enabled our fintech partner, Pencilton, to achieve their goals by aligning external stakeholder deliverables.”
Pencilton is offering the virtual PencilCard for free. Users can buy their PencilKey for Rs 150 and PencilCard for Rs 100, but as part of the company’s launch offer, users can also buy a PencilKit (combo) which includes both PencilCard and PencilKey for Rs 200.