The Palawan Group of Companies has forged a strategic partnership with Mumbai-based identity verification platform IDfy to bolster security measures and fraud prevention for its eWallet service, PalawanPay.
Since its launch in April 2022, PalawanPay has experienced rapid growth, becoming a trusted digital wallet for millions of users in the Philippines. To ensure the security of its expanding customer base, the company is continuously enhancing its digital safeguards. The collaboration with IDfy is a key step in this direction, reinforcing its commitment to secure and seamless transactions.
IDfy, an integrated identity verification platform, serves over 1,500 clients across various industries, including eCommerce, gaming, and financial services in India, Southeast Asia, and the Middle East. The company conducts over 60 million verifications monthly and adheres to ISO 27001 and SOC 2 Type 2 compliance standards, ensuring stringent protection of user data.
According to Third Librea, CEO of PalawanPay, the partnership grants them access to proven eKYC (electronic Know Your Customer) technologies, widely used by major banks in the Philippines. These measures are crucial in safeguarding financial transactions against fraud, money laundering, and other illicit activities.
“Our users can expect a seamless and fast identity verification experience necessary to avail of services in the PalawanPay electronic wallet. 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,” said Librea. Performing more than 60 million verifications every month, IDfy has been a reliable partner of more than 1300 companies in their digital transformation. Some of their global clients include Amazon, Unilever, American Express, Walmart, PayPal, Global Payments, and Foodpanda.
JC Medina, Head of Innovation at PalawanPay, emphasized that IDfy had been carefully vetted by industry peers and PalawanPay’s internal compliance teams, “We always look after the safety and security of our sukis’ money because we’re talking about their hard-earned money here. We know that some people are still not confident and sure about online transactions and putting their money in eWallets. 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 verification system, PalawanPay users can securely conduct transactions while enjoying enhanced benefits. Verified users can increase their wallet limit to PHP250,000 and access additional features such as Cash Out, Send Money, and instant fund transfers to other banks and eWallets.
To maximize the benefits of PalawanPay’s enhanced security features, users are encouraged to verify their accounts and experience safer and more convenient digital transactions.