Neobanks are emerging as a serious alternative to traditional banking over the past couple of years. These 100 percent digital and apps-based platform offer uniqueness they simplify the financial services that the digital generation are attracted to.
Unlike traditional banks, neobanks leverage their modern digital platforms to bridge the gap between conventional banking services and the evolving needs of new-age customers. The digital platforms allow neobanks to analyze customer data and make data-driven decisions.
In the Philippines, Tonik, the country’s first neobank, is making digital banking easy and convenient for Filipinos by integrating 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.
“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 of managing their hard-earned money,” says Tonik Founder and CEO Greg Krasnov.
With Tonik’s new features, customers can now send and receive real-time transactions for up to P50,000 to and from participating banks and electronic money issuers with no added transfer fees from Tonik.
To top up a Tonik account, 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 needed authorization to finalize the transaction.
To transfer funds to another bank, click on the “Send Money Options’’ app dashboard and select “To another bank.” Change the channel to InstaPay, input the desired cash-out amount, transfer purpose, and beneficiary account details, and perform the required authorization.
This applies to all financial institutions with InstaPay in their payments rail, and the best part is that all Tonik InstaPay transfers are free of charge. However, other banks may have varied transaction fees for InstaPay top-ups, so check with the source bank to make the most out of the transfers.
“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.
To know more about Tonik and how to transfer funds via InstaPay, download the app now via the Apple App Store or Google Play Store.
The Bangko Sentral ng Pilipinas supervise Tonik, and the Philippine Deposit Insurance Corporation insures deposits for up to P500,000 per depositor. Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services and Finastra.