Protean eGov Technologies Limited (formerly NSDL e-Governance Infrastructure Limited), one of the market leaders in universal, citizen-centric and population-scale e-governance solutions, and PayNearby, an India-based digital payments and branchless banking network have partnered to offer PAN-related services for PayNearby’s retail partners through Aadhaar and biometric or SMS-based OTP authentication for their customers.
A Permanent Account Number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated “PAN card”, by the Indian Income Tax Department, to any person who applies for it or to whom the department allots the number.
The partnership will help improve service delivery for millions of citizens as they enter the formal financial sector. It will facilitate quick and easy access to online PAN services in neighborhood stores at affordable rates, thus eliminating the submission of physical applications and supporting documents.
Once the online application form is submitted, a digital copy of the ePAN will be generated within a couple of hours while a physical copy will be delivered to the customers at their chosen address in 4-5 working days.
Protean, which accepts and processes PAN applications on behalf of the Income Tax Department, Government of India, has played an important role in laying down the basic e-governance infrastructure for the nation and providing citizen-centric services to the masses. Under the collaboration, PayNearby will work as the PAN Service Agency (PSA) of Protean, the company said.
With PayNearby serving nearly 75 per cent of the Indian market, retailers can now accept PAN applications in paperless mode, while Protean will be able to further expand the coverage of PAN services across the country, especially to remote locations, through a PayNearby store.
“We are happy and proud that Protean eGov Technologies Limited has chosen us as their partner for their PAN card services. We have been continuously working on innovation-led partnership models to offer easy access to financial and digital solutions for everyone, everywhere. With this association, we look to offer all the citizens of the country the availability of PAN card services at a neighborhood store. This will enhance its uptake and make this unique identification popular amongst all at the last mile. With this partnership, we continue to expand the bouquet of services available at our retail stores while providing Protean with the reach it needs to the inaccessible hinterlands of the country. Our partnership with Protean solidifies our determination to bring each and every citizen in the country into the formal financial fold so that the gap between India and Bharat is bridged forever,” said Anand Kumar Bajaj, Founder, Managing Director and CEO, PayNearby.
“We are delighted to partner with PayNearby as part of our strategy to contribute to a financial ecosystem that offers socio-economic benefits across all strata of the society. Our partnership will help to advance our shared vision of an inclusive and empowered India. This initiative is aligned with our mission to leave no citizen behind and bring the digitally excluded into the fold of the formal financial economy,” said Suresh Sethi, Managing Director and CEO, Protean eGov Technologies.
The partnership will bring the underbanked and unbanked segments of the population within the tax fold through trusted local touchpoints, add to the country’s tax and provide micro-entrepreneurs with an additional source of revenue.