Credit and Finance for MSMEs: Digital payment network company PayNearby on Thursday said it has issued more than one lakh PAN (Permanent Account Number) cards in the last five months to provide a valid identity proof to the customers.
PayNearby works on a B2B2C (business to business to consumers) model wherein it partners with neighbourhood retail stores (such as kirana stores, mobile recharge stores, medical shops and travel agents) to provide them tools that in turn allows them to offer digital and financial services to local communities.
The company in its statement said it has registered 75,000 such retail counters in the semi-urban and rural areas of the country to work as the agents to issue PAN cards.
To avail the PAN card, customers have to go to the nearby store with their Aadhaar number and do their biometric or SMS OTP-based authentication.
Once the application form is submitted, a digital copy of the e-PAN is generated in two hours, the statement added.
According to government data, out of the 1.3 billion population of India, around 43.34 crore PAN ids are linked with Aadhaar as of January 2022.
“Today, from daily wage earners to low-income farmers, all can get their PAN cards created at their nearest stores,” said Anand Kumar Bajaj, Founder and CEO, PayNearby. He further added that the company will broaden the financial services for the customers at the retail stores.
The DaaS (Distribution as a Service) based company provides services like cash withdrawal, remittance, Aadhaar banking, bill payment and recharges, savings, travel, digital payments and insurance to bring underbanked and unbanked segments into the formal financial fold.