New Delhi: DCB Bank, a new generation private sector bank and Slonkit, India’s first money management app linked to a VISA Card, have partnered to create a digital and cashless ecosystem for educational institutions across India. Slonkit partners with colleges from all major cities and towns in India under the Slonkit Campus Partnership Programme (SCPP).
Under SCPP, students are empowered with a Slonkit VISA Card linked to the Slonkit mobile app. The Slonkit Card can be used anywhere in India – both online and at merchant outlets. Students can pay their college fees and make miscellaneous payments using the Slonkit Card. They can also avail exciting offers at national and hyperlocal merchant outlets. The Slonkit app enables students to create budgets and to track and analyse their expenses across categories such as food, travel, shopping, entertainment, etc.
In addition to empowering students to practice money management, Slonkit also transforms colleges digitally and facilitates seamless management of the administrative function. Slonkit also enables these colleges to monitor “expense” reports at “in-campus” merchants. It empowers colleges with a robust digital channel to communicate with students in real-time. Students receive these communications as notifications on the Slonkit mobile app. RFID-enabled Slonkit Cards can equip educational institutions to manage access and attendance easily as well.
Commenting on the development, Praveen Kutty, Head – Retail and SME Banking, DCB Bank said, “Financial prudence is a means to enjoy a good lifestyle. It is important to inculcate this habit at a young age. Slonkit enables teenagers and young adults to practice smart money management and financial prudence. Allying with educational institutions will drive adoption of this nifty digital and cashless payments solution for individuals and institutions as well.”
Speaking about the partnership, Javed Tapia, Founder, Slonkit, said, “Slonkit caters to the essential yet unaddressed area of teaching financial prudence to the next generation. It engages students digitally and empowers them to learn and practice smart money management. Slonkit enables education institutions to seamlessly manage fee collection, in-campus payments, attendance, and communication with students. With DCB Bank, we will create India’s largest cashless ecosystem focussed on the education sector.”