All-digital neobank Tonik on Wednesday launched physical debit cards for its mobile app's users, enabling transactions at ATMs and merchants in the Philippines.
Tonik is a purely digital bank regulated by the Bangko Sentral ng Pilipinas that operates only via app with no physical branches.
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The neobank's debit cards sport unique features to ensure secure payments:
- No name and card number on the face of the card to provide customer data privacy
- In-app controls to easily freeze or unfreeze the card for transactions
- Ability to manage debit card limit in-app
- 3D Secure and advanced antifraud, powered by Mastercard’s state-of-the-art security suite
The debit card is completely separated from the Stashes and Time Deposits on the Tonik app, which protects savings.
Tonik's debit card offers a transaction limit of up to P450,000. To minimize risks, the bank advises users to keep limits low, and only increase the limit for specific high-ticket transactions.
After that particular transaction, users are encouraged to reduce the limit to a lower level again on the app to protect the account and the card.
For online transactions, the virtual card available on the app is recommended, while the physical card is recommended for ATMs and at merchants part of Mastercard's global network.
With these security features, Tonik hopes Filipinos feel more secure with their cashless transactions.
“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,” Tonik founder and CEO Greg Krasnov said.
For more information, visit the Tonik website.