Apps

Tonik digital bank launches in the Philippines

Offers up to 6% interest rate per annum

Published

on

It’s always been challenging to open a bank account for most Filipinos due to a number of factors. Tonik, an all digital bank, aims to reduce the hurdles in opening an account to encourage people to save more.

Anyone can open a Tonik bank account using only the Tonik App (available on Android and iOS), an ID, and a well-lit selfie. Accepted IDs are: Philippine passport, Philippine Driver’s license, UMID, SSS ID, PRC ID, and Firearms ID.

Don’t have any of these IDs? You’re still eligible to opening an account. The account will be active for 12 months with a maximum balance of PhP 50,000. That should be enough time to secure an ID.

After creating an account, a user can easily put money in through the following: Debit Card, Online via GCash, BPI, Unionbank, and Coins.ph, and over-the-counter partners like 7 Eleven, Cebuana Lhuiller, Mlhuillier, and SM Payment.

Savings, interest rates, stashes

Tonik’s aim, like most digital banks in their early stages, is to get people to save. There are plenty of ways to save to encourage people to do so.

Time Deposit

Earns as much as six (6) percent per annum. Starting amount can be set to as low as PhP 5,000. There are also no early withdrawal fees or penalties.

Savings Account

Every registered account has a one (1) percent base interest rate per annum. Pay out is monthly.

Stashes

This is the fun part. Stashes are essentially digital piggy banks for specific purposes. Say, you’re saving for a smartphone or whatever shiny new piece of tech you have your eye on, you can put money in a specific stash so you can easily monitor how well your savings are coming along.

A Solo Stash lets gets users a four (4) percent per annum interest rate. Meanwhile, a Group Stash lets you team-up with another Tonik user for your savings goals earning you a 4.5 percent interest rate. These can be withdrawn anytime without a lock-in period.

Virtual card

Digital banking is also a welcome development with the Coronavirus pandemic still terrorizing the planet. Plenty of merchants have adopted an all digital solution. Tonik also offers a virtual card that you can use for online purchases.

Is it secure?

Tonik is asking for some personal data and, of course, your hard-earned cash. Naturally, you’d want to know if it’s safe and secure.

First, the money concerns. Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and your money is insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum of P500,000 per depositor.

For digital protection, the company outlines the following:

  • User account security is protected against fraud by the DAON server-based face check security feature. This ensures that no one can access a customer’s account by feigning his identity in case the account owner’s mobile phone is lost or stolen, even if the face ID is changed.
  • Passwords are safeguarded from the moment of their creation through RCA asymmetric encryption of account holders’ One-Time Pins and passwords. The level of encryption utilized for this feature is the
    same as that used by intelligence agencies
    and the military.
  • Customer data is stored safely in Amazon cloud with Advanced Cloud Security provided by AWSshield that effectively eliminates external threat like cyberattacks and data theft.
  • 256-bit encryption protection puts all transactions through secure channels that cannot be intercepted. Our security operations center monitors all customer-related activities for any possible external threats.

If you’re having any sort of difficulty navigating the app and its features, Tonik has the following customer support channels:

  • In-app chat
  • Tonik Digital Bank Viber chat
  • Customer Service email: [email protected]
  • Customer Service hotline: (02) 5322 2645

Why Tonik?

The name doesn’t immediately make you think of digital banking and the company says it’s intentional. Asked why they chose it during a media briefing, they said it’s easy to remember and doesn’t have any strong association with anything.

The company also has quite a nice and cool vibe to it. You’ll realize this with how things are worded when you interact more with the app.

PESONet transfers

As of April 27, 2021, Tonik users are able to transfer funds from a PESONet participating bank to their accounts. This service is initially available via RCBC, Landbank, PSBank and CIMB, with other PESONet member banks expected to add the service in the coming months.

Apps

WhatsApp will turn-off features until you accept the new T&C

Facebook wants your submission before May 15

Published

on

WhatsApp Pay

WhatsApp will continue the roll-out of its controversial terms of service, which has received a lot of criticism in the last few months for being too intrusive. Well, Facebook has made it clear that users can either accept the new terms or lose access to features.

The instant messenger has always shied away from advertisements since its inception. But its acquisition by Facebook confirmed one thing — the private, silent life of WhatsApp would change radically. The new terms and conditions are from Facebook, ensuring that all its products like Instagram, Messenger, and WhatsApp, are ready for monetization.

“After a few weeks of limited functionality, you won’t be able to receive incoming calls or notifications, and WhatsApp will stop sending messages and calls to your phone,” the company said. At that point, users will have to choose: either accept the new terms, or they slowly forget WhatsApp.

The moment WhatsApp starts sending “persistent reminders,” users will encounter limited functionality on WhatsApp until they accept the updates. Although, it won’t happen to all users simultaneously and will change in a phased manner.

Additionally, if you don’t use the messaging app, your account will get deleted as WhatsApp generally deletes those accounts that remain untouched for about 120 days.

The rollout isn’t going smoothly for WhatsApp, though. Germany’s data regulator has asked the instant messenger to stop processing users’ data from the country. The Hamburg Commissioner for Data Protection and Freedom of Information (HmbBfDI) issued a three-month emergency ban on Tuesday, which is permitted under the General Data Protection Regulation.

Right now, it’s hard to gauge if Facebook will continue with its blitzkrieg or buy some time for itself and rethink the strategy. If one country has clamped down on the app, it won’t take much time for others to follow as well. Facebook is already in boiling water with American lawmakers and cannot afford to spoil relationships with any more governments.

Continue Reading

Apps

YouTube enters the TikTok party, announces $100 million fund for creators

Short videos are the latest hype

Published

on

shorts

TikTok has created a global phenomenon, and every platform is scrambling to have a share of the pie. After Instagram’s Reels, YouTube has debuted its own short-video-making feature called Shorts. Now, the Google-backed company intends to attract content creators.

YouTube Shorts Fund contains US$ 100 million, which will be distributed to creators over the course of 2021 and 2022. YouTube will actually reach out to “thousands” of creators whose Shorts receive the most engagement and views. You don’t have to be a part of the YouTube Partner Program, which is used to monetize standard videos.

Shorts must be original and follow community guidelines to be considered for the fund. Google is holding onto additional details about the fund as the feature is only available in the US and India at the moment. Instagram followed a similar strategy to lure TikTok users.

Alphabet CEO Sundar Pichai said on the company’s earnings call that Shorts is garnering 6.5 billion daily views globally. The company declined to provide more recent statistics for global and U.S. user bases.

“YouTube has helped an entire generation of creators and artists turn their creativity into businesses, paying more than US$ 30 billion to creators, artists, and media companies over the last three years,” Singer wrote. “The Shorts Fund is just the first step in our journey to build a long-term monetization model for Shorts on YouTube.”

Continue Reading

Apps

Scarlet Nexus opening sequence, pre-order details

So hyped!

Published

on

By

Scarlet Nexus

The game Scarlet Nexus, in collaboration with SUNRISE and ORAL CIGARETTES, have come out with a gripping new opening sequence you don’t want to miss out on.

The game mechanics and origins stick close to home with the title itself: Scarlet Nexus. It’s based on the concept of scarlet red strings and connections through fast-paced rock rhythms. And, if there’s anything that’ll pique your interest with this game, it’s the mechanics.

Scarlet Nexus lets you play around with Psychokinesis attacks mechanics, psychic ability, and collaborative connections to further in the game. You get to pick who to play: Kasane Randall or Yuito Sumeragi and venture to uncover the mysteries of a Brain Punk future. You’ll get to fight enemies, uncover the truth about yourself, and explore the obscure world of technology and psychic abilities!

The game will be available on June 24, 2021 on PS5, PS4, Xbox Series X|S, and Xbox One. While, available the next day, June 25, on Steam in Southeast Asia. The Scarlet Nexus anime series, produced by SUNRISE, will also be released this upcoming summer.

Pre-order details

Scarlet Nexus

These are the pre-order bonuses:

  • Special Battle Attire Set -Audio-
  • Additional Attachment “Dream Catcher”
  • Additional Attachment “Face Vision: Seal”
  • Attachment Set “Shoulder Baki (11)”

The Deluxe Edition includes the full game and the following content:

  • Brain Punk Bundle (includes Battle Attire Set -Red-, Digital Artbook, Digital Soundtrack)
  • Additional Attachment “The Other” (Deluxe Edition Bonus)
  • SAS Plug-In Variations (3) (Deluxe Edition Bonus)

Pre-order here now.

Continue Reading

Trending