Money transfers are now easier and faster with Tonik via InstaPay

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MANILAFilipina, August 3, 2022 /PRNewswire/ — Tonik, The Philippines’ leading 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 digital bank officially recognized and licensed by the BSP in the country to fully implement InstaPay services.

Customers can now send and receive transactions in real time for up to 50,000 pesos to and from participating banks and e-money issuers with no additional transfer fees by Tonik.

To recharge a Jonik account, simply go to the “Reload” options in the application dashboard, choose InstaPay and copy 14-digit Tonik account number. Once copied, run the source bank online banking mobile app or website, paste the 14th-Tonik account number and enter the desired amount and other required transaction details. Finally, perform the required authorization to finalize the transaction.

To transfer funds to another bank, simply click “Send Money Options” on the application dashboard and select “To another bank”. Change the channel to InstaPay and inpbut the dthe desired withdrawal amount, the purpose of the transfer, the beneficiary’s account details and complete the required authorization.

This is applicable to all financial institutions with InstaPay in their payment rail and the best part is that all Tonik InstaPay transfers are freee. OHowever, other banks may have varying transaction fees for InstaPay top-ups, so be sure to check with the source bank to get the most out of it. the transfers.

“Our mission has always been to make digital banking work for the convenience and ease of Filipinos – and with InstaPay now on our list of services, it’s even easier to transact using our mobile app. Filipinos work hard for their finances and they deserve to have a bank that works just as hard to make sure they have access to better ways to manage their hard-earned money,” says Tonik, Founder and CEO Greg Krasnov.

“This milestone from Tonik provides us with more opportunities to serve the underserved and, along with other financial institutions, the opportunity to serve unbanked Filipinos who deserve a better banking experience,” Krasnov adds.

To learn more about Tonik and how to transfer funds via InstaPay, download the app now via the Apple App store Where Google Play Store.

Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) until PHP 500,000 per applicant. Its unique cloud-based solution is powered by global fintech leaders such as Mastercard, Amazon Web Services and Finastra.

Learn more about this story at https://tonikbank.com.

About Tonic

Tonik is the first entirely digital 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 banking license issued by the Bangko Sentral ng Pilipinas (BSP). Tonik is led by a team of retail finance veterans who have previously built and grown several retail banks and fintechs in global emerging markets. It is backed by top international investors including Sequoia India, Point72 Ventures and Mizuho Bank. Tonik’s technology stack is integrated in partnership with world-class banking technology providers, including Mastercard, Finastra, Amazon Web Services, Google and Daon. Tonik operates from hubs in Singapore (headquarters), Manilaand Chenai.

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