German payments company Wirecard would work with India to simplify the process of issuing tax identity cards required to open bank accounts, transfer money or complete business transactions.
The deal, with state company UTI Infrastructure Technology and Financial Services, seeks to widen the distribution of so-called PAN cards in India of 1.3 billion where most people still live and work in the informal economy.
Wirecard, which is already present in India, with its network of 15,000 retail agents in 350 cities would help collect and scan in the documents that people need to apply for a PAN card.
PAN – Permanent Account Number. It is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department under the supervision of the Central Board of Direct Taxes.
It also serves as an identity proof.