Tuesday, October 26, 2021

Cashfree Payments Launches PAN Verification For Customer KYC; Simplifies Bulk KYC For Businesses

●        Cashfree Payments gives merchants the option to do single or bulk PAN verification

●        Merchants and businesses can get their customers’ PAN card details online, complete the verification and check status online, improving the speed and experience of onboarding

●        Loan and insurance companies, investment portals, wallets, payment banks, as well as large corporations (for employee KYC) to benefit from this

Leading payments and API banking solutions company, Cashfree Payments today announced that it has launched PAN (Permanent Account Number) Verification on Cashfree Payments Verification Suite. This feature will allow merchants to do a single online PAN verification or bulk pan verification of upto 10,000 PANs of their customers via PAN verification API.  Through this solution merchants can check pan card details online and check pan status online.

The PAN Verification can verify PAN Details such as validity of the PAN, Name provided, Verification ID, PAN type, Name registered, 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, improving the speed and experience of onboarding.

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 PAN Card and also check if the card is owned by a business or an individual. Merchants and businesses use PAN for various purposes, such as:

●        Onboarding vendors

●        Onboarding employees

●        Transferring funds or process payments

●        KYC for financial services

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, "With markets becoming increasingly competitive, it is vital for businesses to reduce turnaround times for any KYC-related requirements so that onboarding or payments can be conducted faster. We're excited to introduce our API based pan verification for our merchants to verify their users’ PAN card details, get the status of the PAN card, and check whether it belongs to a business or an individual. With this move, onboarding new customers will be much easier and quicker."

PAN card Verification is a new feature added to Cashfree Payments’ Identity offering. Cashfree Payments launched its Identity offering, starting with Bank Account Verification in 2019, and since then, it has been adopted by various businesses for their unique business use cases like KYC before vendor onboarding, employee background checks, and account verification before disbursals, etc.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payments Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay.

About Cashfree Payments:

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect -- a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.

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