Tonik Digital Bank and Union Digital Bank are the newest partners of InstaPay. Accountholders of Tonik Bank can now send and receive funds to and from other InstaPay partners in real-time using a QR Ph code while account holders of UnionDigital can send and receive funds in real-time to and from an account number in another InstaPay partner bank or e-wallet.
Tonik Digital Bank is a BSP-licensed digital-only bank that is a subsidiary of Tonik Financial Pte Ltd, the first digital-only bank in Southeast Asia based in Singapore.
On the other hand, Union Digital Bank is a BSP-licensed digital bank that is a wholly owned subsidiary of Union Bank of the Philippines, one of the largest banks in the country.
InstaPay now has 70 partner banks and non-bank e-money issuers.