Germany-based global provider of digital payments and commerce solutions Wirecard announced on Wednesday it has formed a new partnership 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.
Wirecard reported it 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. Speaking about the collaboration, Anil Kapur, Managing Director India at Wirecard, stated:
“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.”
Wirecard also revealed that every citizen in India requires a PAN card and 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. The company added:
“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.”