Palawan Group of Companies strengthens its security by partnering with identity verification platform IDfy for fraud prevention.
Since its launch in April 2022, PalawanPay, the leading and reliable e-wallet app, has been growing by leaps and bounds. To cater to the needs of its increasing user base, the Palawan Group of Companies continuously finds ways to make its services easier, faster, and, more importantly, safer and more secure for its increasing user base.
Forging a new partnership and a strong future were (from left) IDfy’s Jerome Ocampo-Tan, Paritosh Desai, and Ishan Biswas; and PalawanPay’s Third Librea, JC Medina, and Herbert Bactong
Recently, PalawanPay forged a partnership with IDfy, a Mumbai-based integrated identity platform that helps financial institutions prevent fraudulent activity and build trust among their users. With IDfy’s track record of serving 1,500 clients across various sectors, including e-commerce, gaming, and conglomerates in India, Southeast Asia, and the Middle East, PalawanPay ensures its users that every digital transaction made within the app is performed by legitimate users. Furthermore, IDfy strictly adheres to the stringent standards of ISO 27001 and SOC 2 Type 2 compliance, guaranteeing that user data and all other personal information are safeguarded with rigor and certainty.
According to Third Librea, PalawanPay’s CEO, the partnership gives them access to “tried and tested eKYC technologies” already used by major banks in the Philippines. KYC, “Know Your Customer,” is a set of careful and mandatory steps created to protect financial institutions and their customers against fraud, corruption, money laundering, and other illegal financing activities.
“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.” 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 of PalawanPay, was thrilled that this partnership had finally materialized after months of study. According to PalawanPay executives, IDfy was well-recommended by their industry peers and even vetted by their 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 making the app secure and fraud-free at all times, it’s a win-win situation for new and existing PalawanPay users. To further enhance their experience, all they need to do is to have their accounts verified. A verified profile allows a PalawanPay suki to enjoy a higher wallet limit of up to Php250,000 and even unlock more digital services within the app, such as full access to PalawanPay services like Cash Out, Send Money, and more.
Download the PalawanPay App now and be a verified user to enjoy an increased monthly transaction limit of up to P250,000, seamless and instant fund transfers to other banks and e-wallets, and no account expiration.
