Finance & Economics

Philippines’ first private neobank launches its physical debit card

Tonik is supervised by the Bangko Sentral ng Pilipinas and deposits are insured by the Philippine Deposit Insurance Corporation

debit

Philippines’ first private neobank launches its physical debit card. Source: tonikbank.com

Tonik has launched physical debit cards for its clients allowing them to order physical debit cards through the app. They will be able to use these cards at any ATM or merchant that is part of  Mastercard’s global network.

Tonik’s debit cards are equipped with multiple pioneering features for secure payments:

  • No name and card number on the face of the card;
  • In-app controls to easily freeze and unfreeze the debit card for transactions;
  • Ability to manage limits of physical debit cards within the app;
  • 3D Secure and advanced antifraud, powered by Mastercard’s state-of-the-art security suite;
  • Savings protection – Stash and Time Deposit accounts are not directly linked to the account with the card, thus protecting the savings;

Along with that, Tonik debit cards offer the highest potential transaction limit in the market of up to Php450,000 ($8.9K).

Filipino consumers increasingly prefer the convenience of physical debit cards for their daily transactions. However, the security of card payments remains their primary concern. 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
Greg Krasnov, Founder and CEO of Tonik

Tonik made its commercial debut to the Philippine market last March, which saw it secure over Php1B ($20M) in retail deposits in under 1 month, according to the press release.

We’ve reported that Paysafe acquires e-commerce payments platform.

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