According to the 2019 Financial Inclusion Survey, only 1 out of 10 adults use their mobile phones and the internet for financial transactions. Despite this, the Bangko Sentral ng Pilipinas (BSP) continued to see digitalization as an important step toward financial inclusion.
However, the remaining 51.2 million unbanked Filipinos have created a dilemma in the pursuit of financial inclusion by the Bangko Sentral ng Pilipinas. Filipinos without bank accounts have been seriously affected during this time of pandemic as they failed to meet the basic requirement for receiving financial aid, which is a bank account.
The mission for financial inclusivity by digitizing financial transactions to minimize the requirements, so that Filipinos, whether banked or unbanked, will be able to have equal access to banking services and financial products while staying safe in their homes has become a priority. With this, Tonik Digital Bank Inc. has joined in this mission.
Bank services
Tonik Digital Bank Inc. is one of the institutions that offer banking services and financial products to Filipinos across the country. Tonik is the first neobank in the Philippines that is granted a digital bank license by the Bangko Sentral ng Pilipinas.
Tonic Digital Bank has truly revolutionized the way money is exchanged not only in the Philippines but throughout Southeast Asia. It enables its clients to track their bank accounts and other financial-related activity via their smartphone at any time, anywhere they may be. In addition to that, Tonik is highly commendable when it comes to choosing the perfect bank for a savings account. Aside from providing a high-interest savings account, it also provides a cloud-based platform for online banking.
Furthermore, Tonic Digital Bank Inc. is committed to serving the 70% of Filipinos who are still unbanked. Loans, deposits, savings accounts, payments, and cards are among the retail financial products offered by the bank.
Tonik is fully regulated by the Bangko Sentral ng Pilipinas and is headquartered at Unit 605B, 6/F West Wing, The Offices at Estancia, 1605 Meralco Ave, Pasig City. They also have offices in Singapore and India.
The contact details of Tonik are as follows:
Landline – +63 2 5322 2645
Email – [email protected]
Applying for a loan in a traditional banking setup may not be as easy for the majority of Filipinos. Additionally, not many people have the time to go back and forth to process their loan applications, especially when they have emergencies. With Tonik, applying for a loan has been made easy through digital banking.
Among the many advantages that borrowers can get if they apply for a Quick Loan with Tonik are the following:
To be eligible, the borrower must meet the following criteria:
Loan Amount: Php5,000 – Php50,000
Interest Rate:
Loan Term: 6 months to 24 months
For some people, affording the big purchases can be a challenge. But for those who do not have access to a credit card, or do not have extra wiggle room in their budgets after they receive their salaries, that can be a problem.
With Tonik, their Shop Installment Loan has proven to be a relief for Filipinos in need of a new appliance or electronics. Here are some of the products covered under Shop Installment Loan:
Those who are interested in this type of loan can check the following eligibility and requirements below:
Loan Amount: Php5,000 to Php100,000
Interest Rate: 4.25% per month
Loan Term: 3 months to 24 months
In the Philippines, Filipinos have access to a wide range of financial institutions that provide banking services and financial products. But, here are some of the reasons why people should choose Tonik Digital Bank above the others:
The great thing about Tonik Bank is its commitment to protecting the privacy of its clients’ accounts. There is no need for passwords to verify identity, the Tonik app comes with a Face ID and Touch ID for better protection. In addition, the app offers a lock card feature that prevents unauthorized transactions and other external access. With 3D Secure (3DS) from Mastercard Secure Code, Tonik Bank customers can be rest assured that fraud when making online payments will be prevented. Furthermore, customers can use the app to set daily spending limitations.
Truly, Tonik Bank works with global security partners so customers can rest assured that their hard-earned money is safe and secure. And for simplified security management, fraud monitoring and controls are also automated.
Tonik Bank is a company that caters to every Filipino’s needs digitally, with no physical branches. This makes all the services it offers, including the onboarding process, are carried out through the mobile app which is available on the App Store and Google Play. Customers who wish to experience Tonik Bank’s digital services only need to have a mobile phone and a stable internet connection – there will be no need to go outdoors and visit physical branches.
As the Philippines’ first neobank, Tonik’s customers can open an account for as fast as five (5) minutes and enjoy banking anytime, anywhere, right from the comfort of their own home.
Access to virtual and physical debit cards is one of the benefits of partnering with Tonik Bank. Customers who sign up for a Tonik account will be able to have a virtual card for free that could be used to cover any of their online transactions. They can shop at their favorite e-commerce platforms, pay bills, and make many more transactions while at home with the use of Tonik’s virtual debit card.
Physical debit cards, on the other hand, are available upon in-app request. Customers can withdraw their funds through thousands of ATMs nationwide using Tonik physical debit cards. What’s more, is that customers have an option to switch the card off using the app when they are not using it to avoid hackers.
Moreover, ATM withdrawals and balance inquiries are free except for some banks which may charge additional access fees. With Tonik virtual and physical debit cards, customers can access their funds and purchase everything they need in the most convenient way for them.
Acting as the newest catalyst to address financial inclusion, Tonik Bank has opened its doors for unbanked Filipinos with the belief that they, too, deserve a better option in addressing their financial needs. The people behind Tonik bank have used this notion to provide consumers with now-on-demand alternatives. Unbanked applicants, on the other hand, must first submit proof of income and valid identification to gain access to Tonik’s financial services.
Aside from the perks listed above, selecting Tonik Digital Bank provides consumers with immediate access to several promotions that allow them to earn extra cash. Tonik Digital Bank offers a welcome bonus for first-time customers, who can top up at least Php 1.00 and receive Php 60.00 in return only after opening a Tonik account.
In addition, they have Friends with Benefits promotions. Existing customers can earn a referral incentive by inviting their friends and family to join Tonik using the provided referral code. The referrer will receive Php 60.00 and so will the referee. Other special offers include the Swipe Right For Luv promo and The Luv Stash; details can are available on their website.
Here are the simple steps on how to sign up with your Tonik Digital Bank account:
Visit the Google Play Store or Apple App Store and search Tonik. Download the app to start the registration process.
Provide your mobile number upon signing up. Make sure that the number is active and you own the mobile number provided.
Read the terms and conditions carefully. Once done, click on Agree and Continue to proceed further.
Read the Data Privacy Statement. This outlines the security of the information shared with Tonik. Click on Agree and Continue when done.
Enter the One Time Password sent to the mobile number you registered with.
Proceed to the security requirements. First is completing the Face Identity Scan.
Choose the government-issued ID to be uploaded. The front and back side of the ID is necessary.
Click on “This is the button you need to tap” to continue.
Provide your personal information such as name, date, and place of birth.
Fill in employment details and the source of your funds.
Choose the necessary detail for FATCA requirements.
Provide additional information.
Set up your digital signature.
Set up your Tonik account password.
Once your account is created, you will be receiving the welcome message as shown below:
Since the pandemic hit the Philippines, digital banks like Tonik have grown in popularity. Tonik has amazing advantages for anyone who wants to save money, needs financial aid, or requires a more convenient mode of payment.
And, when it comes to financial inclusion, Tonik Digital Bank promises that every Filipino, no matter where they are or who they are, will receive adequate financial assistance. The bank intends to continue using technology to innovate its services to challenge the status quo and improve people’s financial lives.
״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates
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״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates
Table of Contents
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״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates
