Online transactions and wallets pave the way for Neobanks to rise to prominence. A financial institution exists exclusively online, possibly with small or no physical presence. The BSP recognizes Tonik as a Neobank with a proper license in the country. Tonik and InstaPay will also be fully compatible, opening up various new payment options.
InstaPay transfers with Tonik are free, which most of you are excited to know. Your payees will no longer be charged hidden fees when you send them money. Any transaction up to PHP 50,000 takes place in real-time without any delay. The InstaPay service is available to banks, payment systems, and other businesses, and the chosen financial service will only charge fees if it is not a partner.
InstaPay makes topping up a Tonik account a breeze. Holders can copy Tonik Account Number by going to the “top up” option in the app dashboard, selecting InstaPay, then copying the 14-digit account number. Paste the spoofed number into the app of the source bank/e-wallet. You should receive a security verification email when you’re done with the transaction.
Transferring funds to another bank is as easy as clicking “Send Money Options” on the app dashboard. Choose “To another bank” and select “InstaPay.” Enter your desired amount, purpose, and beneficiary account details, and authorize the transfer.
With InstaPay now in our service roster, it’s even easier to transact using Tonik’s proprietary mobile app, according to Tonik CEO Greg Krasnov. It is only fair that Filipinos deserve a bank that works just as hard to provide them with better options for managing their hard-earned money.
You can download the Tonik app from either the Apple App Store or the Google Play Store. Interested? Click here to visit the official site.