PalawanPay, the electronic wallet service of the Palawan Group of Companies, has partnered with IDfy, an identity verification platform, to enhance security and prevent fraud in digital transactions.
IDfy, based in Mumbai, serves financial institutions across India, Southeast Asia, and the Middle East. The company performs more than 60 million verifications each month and works with global clients such as Amazon, Unilever, and PayPal. Its identity verification solutions help ensure that transactions are conducted by legitimate users.
“Our users can expect a seamless and fast identity verification experience necessary to avail of services in the PalawanPay electronic wallet,” said Third Librea, CEO of PalawanPay. “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.”
With IDfy’s compliance with ISO 27001 and SOC 2 Type 2 standards, PalawanPay users can trust that their data remains secure. The partnership also grants PalawanPay access to electronic Know Your Customer (eKYC) technology, which leading banks in the Philippines use to comply with financial regulations and prevent fraud, money laundering, and other illegal activities.
A verified PalawanPay account provides users with benefits such as a higher wallet limit of up to P250,000 and access to additional digital services, including Cash Out and Send Money.