MANILA, Philippine, Aug. 3, 2022 /PRNewswire/ — Tonik, the Philippines’ first neobank, continues to make digital banking easy and convenient for Filipinos through the integration of InstaPay services on its mobile app. This makes the neobank the first officially BSP- recognized and licensed digital bank in the country to fully implement InstaPay services.
Customers can now send and receive real-time transactions for up to Php 50,000 to and from participating banks and electronic money issuers with no added transfer fees from Tonik.
To top up a Tonik account, simply go to the "Top Up" options in the app dashboard, choose InstaPay and copy the 14-digit Tonik account number. Once copied, launch the source bank’s mobile app or online banking website, paste the 14-digit Tonik account number and enter the desired amount and other required transaction details. Lastly, perform the required authorization to finalize the transaction.
To transfer funds to another bank, just click on the "Send Money Options” on the app dashboard and select "To another bank." Change the channel to InstaPay and input the desired cash-out amount, transfer purpose, beneficiary account details, and perform the required authorization.
This is applicable to all financial institutions with InstaPay in their payments rail and the best part is, all Tonik InstaPay transfers are free of charge. Other banks, however, may have varied transaction fees for InstaPay top-ups so make sure to check with the source bank to make the most out of the transfers.
"It has always been our mission to make digital banking work for the convenience and ease of Filipinos—and with InstaPay now in our service roster, it’s even easier to transact using our proprietary mobile app. Filipinos work hard for their finances and they deserve to have a bank that works as hard in ensuring they get access to better ways in managing their hard-earned money," says Tonik Founder and CEO Greg Krasnov.
"This milestone of Tonik provides more opportunities for us to serve the underserved, and together with other financial institutions, the opportunity to serve the unbanked Filipinos who deserve a better banking experience," adds Krasnov.
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to Php 500,000 per depositor. Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.
Tonik is the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. The neobank operates on the basis of the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP). Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets. It is backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik’s tech stack is integrated in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.