Tonik partners with Mastercard for digital payments
Fintech start-up tonik has partnered with Mastercard to become a Mastercard issuer in the Philippines. Tonik is a digital only bank providing deposit, loan, payment, and card products. A 2017 financial inclusion survey by Bangko Sentral ng Pilipinas noted that over 70% of the population was unbanked. It recommended fintech among innovative ways of reaching the unbanked. Tonik will also join Mastercard’s global payment systems.