PalawanPay eyes 23M users by end-2025

Pawnshop giant Palawan Group of Companies is targeting to add another million registered users to its e-wallet platform, PalawanPay, by year-end, its top official said. This, as digital transactions continue to see “off-the-charts” growth.

Karlo Castro, company president and CEO, said the platform is aiming to hit 23 million users this year. PalawanPay recorded nearly 22 million users as of last August.

“We’re very close to that one. We’re probably going to hit it. If not, just a little bit short,” Castro said.

Digital transactions on PalawanPay now account for 26 percent of all transactions across the Palawan Group. Castro said the platform’s growth rate has reached “triple digits” since its launch in 2022.

“The growth rate is really off the charts,” he said. “It’s becoming very strong. The drivers of the growth include cash-in and cash-out, wallet-to-wallet transfers, QRPH payments, buying load through the app, remittances and insurance.”

But according to Castro, the main priority moving forward is to drive higher engagement among PalawanPay’s existing user base.

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He added that PalawanPay is set to roll out new offerings in the coming months aimed at financial inclusion. These include savings and investment products, along with other services designed to boost transaction volumes.

Further, the company has recently launched Pera Padala Abroad. It is a platform that allows Filipinos to send funds overseas, expanding PalawanPay’s reach into outbound remittances. Castro said the company is considering lowering fees to “pretty much zero.”