Tonik, a Filipino digital bank that was recently licensed by the Bangko Sentral ng Pilipinas (BSP), has launched the physical debit cards for its clients.
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.
The numberless card gives its users the ability to manage limits of physical debit cards as well freeze or unfreeze the debit card for transactions within the app.
Tonik added that the card is protected by 3-D Secure and advanced antifraud, powered by Mastercard’s security suite.
The neobank made its commercial debut to the Philippine market last March, and reported that it had secured over PHP 1 billion (US$20 million) in retail deposits in under 1 month.
Tonik is supervised by the BSP and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).
“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.”
shared Greg Krasnov, Founder and CEO of Tonik.