Tonik is the first private neobank in the Philippines operating under its own digital bank license by the Banko Sentral ng Pilipinas (BSP). It has recently been announced that the clients of their mobile app can now order physical debit cards through the app itself and use them at any ATM or merchant that is part of Mastercard’s global network. This includes the majority of the ATMs and card-accepting merchants in the Philippines.
Tonik’s debit cards are equipped with features for secure payments and transactions:
- No name and card number on the card’s face – for enhanced customer data privacy
- Freeze/unfreeze debit card – this can be done through the app to avoid unauthorized transactions
- Manage limits – this can be done through the app to control the spending limit of the account holder
- 3D Secure and advance antifraud – enhanced security powered by Mastercard’s security suite
- Savings protection – stash and time deposit accounts are not directly linked to the account with the card
- Virtual card for online transactions – Tonik encourages to use this instead of the physical card, as in the unlikely event of the card being compromised, the virtual card can easily be replaced
Tonik’s debit cards offer the highest transaction limit in the market of up to PHP 450,000. They recommend managing limits on the account to low and increasing it only for high-ticket transactions to reduce risk.
Tonik has made its debut in the Philippines last March which saw massive retail deposits in under one month amounting to over PHP 1B (USD 20M) and has attracted PHP 3.5B (USD 70M) in retail deposits as of mid-August.
It is supervised by the Banko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its cloud-based solution is powered by Mastercard, Amazon Web Services, and Finastra to name a few. For more info, visit https://tonikbank.com/.
