- So-called PAN cards are essential for all citizens in India to carry out most financial transactions and also as proof of identity
Wirecard, the global innovation leader for digital financial technology, has partnered with India’s government-owned company UTI Infrastructure Technology and Services Limited (UTIITSL), to facilitate the issuing of physical and digital taxpayer identification cards, also known as PAN (Permanent Account Number) cards. For this, Wirecard’s retail agents in India collect documents needed for PAN cards, digitize and forward them to UTIITSL who issues the cards and sends them directly to the customer.
Wirecard provides hundreds of thousands of people daily with access to affordable financial services and other related services such as ticketing, mobile top-up, insurance or logistics through its nation-wide retail agent network and offers tens of thousands of retailers the opportunity to earn extra money by driving financial inclusion in India.
Anil Kapur, Managing Director India at Wirecard, said, “As the partner of choice for one of India’s leading government-owned financial service providers, we are delighted to be part of the project to bring PAN cards to more people. Through this cooperation, we have proven Wirecard’s power in global technology services and our ability to create solutions for a wide range of consumers and industries to create a better tomorrow for all.”
Every citizen in India requires a PAN card. The card is required to carry out most financial transactions, ranging from opening a bank account to transferring money, but can also serve as proof of identity. UTI Infrastructure Technology and Services Limited already has a network of 62 branches across India and, through the collaboration with Wirecard, nearly 350 cities will be served by approximately 15,000 Wirecard agents which are authorized to collate and forward citizens’ documents for PAN cards.
As one of the two service providers authorized to issue PAN cards in both digital (ePAN) and physical formats, UTI Infrastructure Technology and Services Limited provides technology services to the financial and government sectors of India. With the PAN card, tax entities and individuals alike can keep track of tax payments and declarations, since all information is stored in a centralized database and all financial transactions can be identified. In addition, PAN cards are an effective measure against tax evasion in India.
Watch this video to find out more about PAN cards in India.