Tonik Enables Real-Time Fund Transfers up to PHP 50,000 With InstaPayby Fintech News Philippines August 3, 2022
Philippines digital bank Tonik announced that it has integrated InstaPay services on its mobile app to enable real-time fund transfers.
Tonik said in a statement that it is the first licensed digital bank in the country to fully implement InstaPay services.
Customers can now send and receive real-time transactions for up to PHP 50,000 to and from participating banks and electronic money issuers with no added transfer fees from Tonik. However, other banks may have varied transaction fees for InstaPay top-ups.
Tonik is supervised by 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.
“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 in managing their hard-earned money,”
said Greg Krasnov, Founder and CEO of Tonik.