- Friday, April 26, 2024
By: Radhakrishna N S
WIRECARD has partnered with Indian government-owned firm UTI Infrastructure Technology and Services Limited (UTIITSL), to facilitate the issuing of physical and digital taxpayer identification cards, also known as permanent account number (PAN) cards.
For this, German-based company’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.
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.
UTIITSL already has a network of 62 branches across India. Through the latest 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.
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.”
As one of the two service providers authorized to issue PAN cards in both digital (ePAN) and physical formats, UTIITSL 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.
