Tonik, the country’s first neobank, has just made the process of paying bills and utilities a lot easier with the introduction of BillsPay, a new service feature that enables users to seamlessly pay their bills on time without the hassle of long queues and at the comfort of their own homes.
All it would take, according to the bank’s press release, is a few taps on their mobile phone.
Expanding product offerings to accelerate financial inclusion
“With Tonik at the forefront of fintech in the Philippines, we are constantly expanding our product offerings to cater to all the financial challenges Filipinos face on a daily basis as we accelerate financial inclusion,” said Greg Krasnov, Founder & CEO of Tonik. “Going through the pressures of monthly dues often creates tremendous stress for our users, but we make it our goal to help them remain on top of their finances. Now, through BillsPay, we offer an easier way to settle your bills at your own convenience.”
The service, which is made possible in partnership with Bayad, the pioneer and leader in the outsourced payments industry, allows users to settle their dues with a wide range of billers right within the Tonik app.
These billers include top utilities such as MERALCO, PLDT, Maynilad Water Services Inc., Manila Water Company Inc., Smart, Converge ICT, Pag-IBIG, Easytrip Services Corporation, Metrobank Credit Card, and Visayan Electric Company (VECO), among many others.
According to Tonik, additional merchants and billers will be made available in the app soon. Payments will also get posted within 48 hours of the transaction.
Users who share a ‘Group Stash’ can save together to pay a bill. Once the target amount is reached, the Group Stash owner can move the stash to their Tonik Savings account and use it to pay their bills.
“With BillsPay, Filipinos can now also manage all their expenses and face each month worry-free,” adds Krasnov. “Users can even pay for their family’s or friends’ bills if they need an extra hand. It is fast, easy, and accessible — exactly the kind of banking partner every Filipino deserves.”
Tonik is the first digital-only neobank in the Philippines that offers loans, deposits, and product payments to consumers on a highly secure digital banking platform. It operates on the basis of the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP). It operates out of hubs in Singapore (HQ), Manila, and Chennai.
The neobank is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and financial technology companies across global emerging markets and is backed by top international investors such as Mizuho Bank, Sequoia India, and Point72 Ventures.
Tonik’s tech stack is integrated and is currently being run in partnership with world-class bank-tech vendors that includes Mastercard, Finastra, Amazon Web Services, Google, and Daon.