MANILA, Philippines, Aug. 18, 2021 /PRNewswire/ -- Tonik, the Philippines' first private neobank operating under its own digital bank license by the Bangko Sentral ng Pilipinas (BSP), has launched the physical debit cards for clients of its mobile app. Tonik customers can now order physical debit cards through the app, and use these cards at any ATM or merchant that is part of Mastercard's global network, which includes the majority of the ATMs and card-accepting merchants in the Philippines.
Tonik, the Philippines’ first private neobank operating under its own digital bank license by the Bangko Sentral ng Pilipinas (BSP), has launched the physical debit cards for clients of its mobile app.
Responding to the needs of the Filipino consumers for higher security of card transactions, Tonik's debit cards are equipped with multiple pioneering features for secure payments:
In line with Tonik's philosophy of maximizing customer's access to their money, Tonik debit cards offer the highest potential transaction limit in the market of up to Php450,000. However, we do encourage our clients to keep limits low to reduce risk, and only increase the limits for specific high-ticket transactions, and subsequently reducing them back to a lower level to keep their accounts well-protected.
"Filipino consumers increasingly prefer the convenience of physical debit cards for their daily transactions. However, the security of card payments remains their primary concern," shared Greg Krasnov, Founder and CEO of Tonik. "Our physical debit cards are specifically designed to offer a highly secure payment experience. We hope this will help the Philippines continue on its rapid path of transition towards a cashless society and will help drive higher financial inclusion in the country."
Tonik made its commercial debut to the Philippine market last March, which saw it secure over Php1B (US$20M) in retail deposits in under 1 month - a historic record for any new bank launching in the country. The neobank continued to break records of speed of growth, having attracted ca. 3.5 billion pesos (US$70M) in retail deposits as of mid-August.
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.
To know more about how you can order a physical debit card and other updates from Tonik, visit https://tonikbank.com/.
About Tonik
Tonik is the first digital-only neobank in the Philippines, providing deposit, payment, and card products to consumers on a highly secure digital banking platform. The neobank operates on the basis of its own bank license issued by the Bangko Sentral ng Pilipinas. Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across the global emerging markets. It is backed by top international venture capital funds, including Sequoia India and Point72. Tonik operates out of hubs in Singapore (HQ), Manila, Chennai, and Kyiv.
