Mastercard partners with tonik for digital transactions

Mastercard has recently partnered with tonik, a digital bank in the Philippines, to allow the bank’s customers to fulfill electronic transactions with merchants accepting Mastercard.

tonik offers simple and accessible digital-first products and banking solutions to the Filipinos which fit according to their needs.

Orchestrating the partnership is Mastercard Fintech Express, a tailored program that provides increased speed-to-market, access to a suite of digital-first products, and strategic counsel to be able to successfully build their offerings.

In the third quarter of 2020, tonik will launch a full range of banking services including savings account with a debit card, savings and term deposit accounts with interest rates, as well as a range of consumer loans. The Mastercard debit cards, which allow customers to transact and withdraw cash from Mastercard ATMs and merchants, will be available to customers at the end of the year.

Additional tonik services such as loans, credit cards, and fund transfer categories will be made available in 2021.