Since its launch in April 2022, PalawanPay has established itself as a leading and reliable e-wallet application, consistently expanding its services to accommodate a growing user base. Committed to enhancing the speed, convenience, and security of digital transactions, the Palawan Group of Companies continually seeks innovative solutions to improve its financial services.
In line with this commitment, PalawanPay has partnered with IDfy, a Mumbai-based integrated identity platform known for its expertise in fraud prevention and user authentication. IDfy has a proven track record of servicing over 1,500 clients across diverse sectors, including e-commerce, gaming, and multinational conglomerates across India, Southeast Asia, and the Middle East. By integrating IDfy’s advanced verification technology, PalawanPay reinforces its dedication to ensuring that every digital transaction within the app is conducted by legitimate users. Additionally, IDfy’s adherence to ISO 27001 and SOC 2 Type 2 compliance standards ensures the rigorous protection of user data and personal information, enhancing overall trust in the platform.
According to Third Librea, CEO of PalawanPay, the partnership grants the company access to “tried and tested eKYC technologies” already utilized by major banks in the Philippines. KYC, or “Know Your Customer,” is a fundamental regulatory process designed to protect financial institutions and consumers from fraudulent activities, corruption, money laundering, and other illicit financial transactions.
“Our users can expect a seamless and fast identity verification experience necessary to avail of services in the PalawanPay electronic wallet,” said Third Librea. “IDFy’s solution will give us the ability to drastically reduce the time needed to approve verified users, ease the burden from our operations team, and help us prevent bad actors from creating accounts in the app.” By leveraging IDfy’s cutting-edge solutions, PalawanPay can significantly expedite user verification, streamline operations, and prevent unauthorized account creation. With IDfy conducting over 60 million verifications monthly, its reliability as a digital transformation partner is evident. The company has also collaborated with globally recognized brands such as Amazon, Unilever, American Express, Walmart, PayPal, Global Payments, and Foodpanda, further solidifying its credibility.
JC Medina, Head of Innovation at PalawanPay, expressed enthusiasm about the partnership, highlighting the extensive vetting process undertaken before finalizing the collaboration. IDfy came highly recommended by industry peers and was thoroughly evaluated by PalawanPay’s operations and compliance teams. “We always look after the safety and security of our sukis’ money because we’re talking about their hard-earned money here,” said JC Medina of PalawanPay. “We know that some people are still not confident and sure about online transactions and putting their money in e-wallets. We hope that through this partnership, people will see that keeping money in their digital wallets and doing their businesses online can be safe and secure.”
With IDfy’s robust security measures in place, PalawanPay users—both new and existing—stand to benefit from enhanced fraud protection and a secure digital environment. To fully maximize these benefits, users are encouraged to complete their account verification. A verified PalawanPay profile allows users to access an increased wallet limit of up to Php250,000, unlocking a broader range of financial services, including Cash Out, Send Money, and other digital transactions.
PalawanPay continues to innovate and invest in advanced security measures to provide its users with a reliable and trustworthy e-wallet experience. By downloading the PalawanPay app and verifying their accounts, users can enjoy increased transaction limits, seamless fund transfers to other banks and e-wallets, and a hassle-free digital banking experience with no account expiration. This partnership between PalawanPay and IDfy is a significant step towards a safer, more efficient, and more inclusive financial ecosystem in the Philippines.
For more information, go to Palawan Pawnshop and PalawanPay Websites.
