In his New Deal for Young People in London manifesto, Ken Livingstone outlined plans for the initiative if he is re-elected as Mayor on 1 May.
The idea is based on the Oyster system where passengers using public transport in the capital charge a card with credit then "touch" in and out of train barriers and buses.
Livingstone said: "We will work with the government to pilot a new Oyster-type debit card enabling parents to access the childcare provider of their choice. The debit card could be credited with childcare tax credit and early education grant entitlements, as well as employer-supported childcare contributions."
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