The move makes Tonik the first officially BSP-recognised and licensed digital bank in the country to fully implement InstaPay services. Its users now benefit from no added transfer fees, and they can send and receive real-time transactions up to USD 900 (PHP 50,000) if the transactions occur between participating banks and electronic money issuers.
Customers can use the app’s InstaPay feature by navigating to the ‘Top Up’ section in the app’s dashboard. After selecting InstaPay, they need to copy their 14-digit Tonik account number and paste it into the source bank’s mobile app or online banking website. In order to complete the transaction, users need to enter the desired amount and authorize the transfer.
When it comes to sending money using InstaPay on Tonik, customers can visit the ‘Send Money Options’ in the app’s dashboard and select ‘To another bank.’ They can then select the InstaPay channel and input the desired sum, transfer purpose and beneficiary account details before performing the authorisation.
On Tonik’s part, all InstaPay transfers are free of charge. However, other banks might still have transaction fees for InstaPay top-ups.
According to Tonik representatives cited by manilastandard.net, the implementation of InstaPay aims to help Filipinos better manage their finances. The neobank plans to work with other financial institutions to reach out to underserved and unbanked Filipinos.
In January 2022, Tonik improved its Open Banking technology using the Google Cloud platform in an effort to improve financial inclusion for all Filipinos.
In February 2022, Tonik has raised USD 131 million in Series B funding led by Mizuho Bank and new investors including Prosus Ventures, Sixteenth Street Capital, and Indonesian family office Nuri Group.
During its first month of operations in 2021, the digital bank received USD 20 million of customer deposits. This number increased to USD 100 million in Tonik’s eight month of operations. Tonik is under the supervision of the Bangko Sentral ng Pilipinas (BSP), and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to PHP 500,000 per depositor.
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