BENGALURU: Cashfree Payments, a leading payment and API banking solutions company, today announced that it has launched PAN (Permanent Account Number) verification on the Cashfree Payment Verification Suite. This facility will allow merchants to do single online PAN verification or bulk PAN verification of up to 10,000 PANs of their customers through PAN Verification API. Through this solution, merchants can check PAN card details online and check PAN status online.
PAN Verification can verify PAN details such as validity of PAN, name provided, verification ID, PAN type, registered name, father’s name, date of birth and date of issue. With this launch, merchants and businesses can get their customers PAN verification done and check the status in real time, thereby improving the onboarding speed and experience.
A Permanent Account Number (PAN) is a unique ten digit alphanumeric number issued by the Income Tax Department of India to all taxpayers in India. PAN verification is used to check the authenticity of the details, validate the PAN card and also check whether the card is owned by a business or individual. Merchants and businesses use PAN for various purposes, such as:
onboarding vendor
onboarding staff
Transfer funds or process payments
KYC for Financial Services
Akash Sinha, CEO and Co-Founder, Cashfree Payments, said, “With markets becoming increasingly competitive, it is important for businesses to reduce the turnaround time for any KYC related requirements so that onboarding or payment can be done faster We are excited to introduce our API based PAN verification for our merchants to verify PAN card details of their users, get PAN card status, and check whether it is related to any business or individual or not. With this move, it will be much easier and quicker to add new customers.”
PAN Card Verification is a new feature that has been added to the identity offering of Cashfree Payments. Cashfree Payments began offering its identity with bank account verification in 2019, and since then, it has been used by various businesses for their unique business use cases such as KYC before onboarding of a vendor, employee background check, and account before delivery. has been adopted for verification etc.
With over 50% market share among payment processors, Cashfree Payments today is the leader in bulk delivery with Cashfree Payments in India. Recently, India’s largest lender, SBI, invested in cashfree payments underscoring the company’s role in building a strong payments ecosystem. Cashfree Payments works closely with all major banks to build the core payments and banking infrastructure powering the company’s products and is supported by leading platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. be integrated together.
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