This new feature should enable merchants to perform a single online PAN verification or bulk pan verification of as many as 10,000 PANs of their clients through PAN verification API.
With this solution, merchants will be able to check pan card details online and check pan status online as well.
The PAN Verification is able to check PAN details like the validity of the PAN, Name provided, Verification ID, PAN type, name registered, father’s name, date of birth and date of issue.
With this launch, merchants and businesses are able to get their clients’ PAN verification done and verify the status in real-time, thus helping to enhance the speed and experience of onboarding.
A Permanent Account Number (PAN) is a unique 10-digit alphanumeric number issued by the Income-tax Department of India to taxpayers in the country.
PAN Verification is reportedly used to verify the authenticity of the details, validate PAN Card and check whether the card is owned by a company or an individual consumer.
Merchants and businesses are able to use PAN for different purposes, including:
- Onboarding vendors
- Onboarding employees
- Transferring funds or process payments
- KYC for financial services
Akash Sinha, CEO and Co-Founder, Cashfree Payments stated:
“With markets becoming increasingly competitive, it is vital for businesses to reduce turnaround times for any KYC-related requirements so that onboarding or payments can be conducted faster. We’re excited to introduce our API based pan verification for our merchants to verify their users’ PAN card details, get the status of the PAN card, and check whether it belongs to a business or an individual. With this move, onboarding new customers will be much easier and quicker.”
PAN card Verification is a feature that’s added to Cashfree Payments’ Identity offering.
Cashfree Payments had introduced its Identity offering, beginning with Bank Account Verification back in 2019, and since that time, it has reportedly been adopted by different businesses for their unique requirements such as KYC before vendor onboarding, performing worker background checks, and account verification prior to making disbursals, etc.
With more than 50% market share among payment processors, Cashfree Payments aims to lead the way in bulk disbursals in India with Cashfree Payments Payouts.
India’s biggest lender, SBI, has reportedly invested in Cashfree Payments, which underscores the firm’s critical role in developing a robust payments ecosystem.
Cashfree Payments works with all major Indian banks to establish the core payments and banking rails that power the Fintech firm’s products and is also integrated with large platforms like Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay.