22.05.2019 – 07:30
Wirecard further digitizes payment processes for Indian citizens together with government-owned company UTI Infrastructure Technology and Services Limited
- So-called PAN cards are essential for all citizens in India to carry out most financial transactions and also as proof of identity - Wirecard's retail agents in India collect documents needed for PAN cards and digitize them across 350 cities nation-wide
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 (https://youtu.be/Vcs7kcbuPAE) to find out more about PAN cards in India.
Wirecard (GER:WDI) is one of the world's fastest growing digital platforms in the area of financial commerce. We provide both business customers and consumers with a constantly expanding ecosystem of real-time value-added services built around innovative digital payments by using an integrated B2B2C approach. This ecosystem concentrates on the areas payment & risk, retail & transaction banking, loyalty & couponing, data analytics & conversion rate enhancement in all sales channels (online, mobile, ePOS). Wirecard operates regulated financial institutions in several key markets and holds issuing and acquiring licenses from all major payment and card networks. Wirecard AG is listed on the Frankfurt Stock Exchange (DAX and TecDAX, ISIN DE0007472060). Visit us on www.wirecard.com, follow us on Twitter @wirecard and on Facebook @wirecardgroup.
About UTI Infrastructure Technology and Services Limited:
Established in 1993, UTI Infrastructure Technology and Services Limited (UTIITSL) is a government-owned company that provides technology and outsourcing services to the financial and government sectors of India. UTIITSL is one of the largest Financial Service Providers in India - SEBI approved Category 1 - Registrar and Transfer Agent, offering R&T services to the investors of Mutual Fund AMC, Bond/ Deposit/ shareholders of Corporate, Financial Institutions and Government Companies. UTIITSL has four Regional Offices and multiple Branch Offices in India. With these locations spread over 60 cities across the country, UTIITSL has proven market leadership in the administration of Mutual funds, PAN Card Issuance and Printing, Insurance Services (Medical Bill Processing), e-Governance and Technology. UTIITSL delivers complete customer satisfaction to its retail and institutional customers, by harnessing IT and best practices to achieve growth, competitiveness and productivity.
Wirecard media contact:
Tel.: +49 (0) 89 4424 1363
Original content of: Wirecard AG, transmitted by news aktuell