PalawanPay, the leading e-wallet app in the Philippines, partners with IDfy, a Mumbai-based identity verification platform, to strengthen security measures and combat fraud. The partnership leverages IDfy's expertise in serving diverse clients across various sectors, ensuring that every digital transaction within the PalawanPay app is performed by legitimate users.
PalawanPay, the leading e-wallet app in the Philippines , has partnered with IDfy, a Mumbai-based identity verification platform, to strengthen its security measures and prevent fraud. Since its launch in April 2022, PalawanPay has witnessed significant growth, necessitating continuous efforts to ensure the safety and security of its expanding user base.
This partnership leverages IDfy's expertise in serving over 1,500 clients across various sectors, including e-commerce, gaming, and conglomerates in India, Southeast Asia, and the Middle East.IDfy's rigorous identity verification processes adhere to the stringent standards of ISO 27001 and SOC 2 Type 2 compliance, guaranteeing the protection of user data and personal information. This collaboration grants PalawanPay access to 'tried and tested eKYC technologies' already employed by major banks in the Philippines. KYC, or 'Know Your Customer,' involves a set of mandatory procedures designed to safeguard financial institutions and their customers against fraud, corruption, money laundering, and other illicit financial activities.PalawanPay's CEO, Third Librea, emphasizes that users can expect a seamless and swift identity verification experience, essential for utilizing services within the PalawanPay electronic wallet. IDfy's solution will significantly reduce the time required to approve verified users, alleviate the workload on PalawanPay's operations team, and help mitigate the risk of malicious actors creating fraudulent accounts. JC Medina, Head of Innovation at PalawanPay, expressed his excitement about the partnership, highlighting IDfy's strong reputation within the industry and rigorous vetting by their operations and compliance teams. PalawanPay prioritizes the safety and security of its users' money, recognizing that some individuals may still harbor concerns regarding online transactions and e-wallets. The partnership aims to instill confidence in users by demonstrating that digital transactions and online financial services can be secure and reliable.With IDfy ensuring the app's security and fraud prevention, both new and existing PalawanPay users benefit from a safer and more trustworthy platform. To further enhance their experience, users are encouraged to verify their accounts. A verified profile allows users to enjoy a higher wallet limit of up to Php250,000 and unlock additional digital services within the app, including full access to PalawanPay services like Cash Out, Send Money, and more. Verified users also benefit from an increased monthly transaction limit of up to P250,000, seamless and instant fund transfers to other banks and e-wallets, and the elimination of account expiration
Palawanpay Idfy E-Wallet Security Fraud Prevention KYC Identity Verification Fintech Philippines
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