ONE STEP TOWARDS SAFE FINANCIAL FUTURE
The Daily Guardian|November 27, 2024
A pivotal development in this evolution is the introduction of PAN 2.0, a system poised to significantly reduce operational costs for fintech companies.
Compiled by Ruchira Talapatra
ONE STEP TOWARDS SAFE FINANCIAL FUTURE

The financial technology (fintech) sector has experienced rapid growth, driven by innovations that enhance financial services' efficiency, accessibility, and user experience.

This comprehensive explainer delves into PAN 2.0, its mechanisms, and its potential to transform the fintech landscape.

The ideation of PAN 2.0 stems from the government's commitment to enhancing the efficiency and security of financial transactions.

By establishing PAN as a unified identifier across all digital systems of specified government bodies, the project aims to transform taxpayer registration services, significantly enhancing them by improving access, accelerating service delivery, ensuring consistent data, optimizing costs through eco-friendly methods, and bolstering security and infrastructural flexibility.

KEY FEATURES OF PAN 2.0

● Unified Business Identifier (UBI): A standardized system to streamline interactions with government agencies by consolidating multiple identifiers into a universal number.

It simplifies registration, compliance, and reporting, reducing administrative burdens.

● Embedded QR codes: New PAN cards will feature embedded QR codes, improving functionality and security by facilitating easier access to tax information and verification processes.

● Universal business identifier: PAN will serve as a universal identifier across various government platforms, simplifying processes and ensuring data consistency.

This story is from the November 27, 2024 edition of The Daily Guardian.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the November 27, 2024 edition of The Daily Guardian.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM THE DAILY GUARDIANView All
Techie's Suicide Sparks Outrage, Call To Prevent Misuse Of Law
The Daily Guardian

Techie's Suicide Sparks Outrage, Call To Prevent Misuse Of Law

'498-A of IPC a 'tool for extorting money'

time-read
2 mins  |
December 12, 2024
BGT 2024-25: Rohit-led Team India arrives in Brisbane for 3rd Test
The Daily Guardian

BGT 2024-25: Rohit-led Team India arrives in Brisbane for 3rd Test

The third match of the series between Australia and India will kick off from Saturday at the iconic Gabba.

time-read
2 mins  |
December 12, 2024
Haris Rauf wins 'ICC Player of the Month'
The Daily Guardian

Haris Rauf wins 'ICC Player of the Month'

Pakistan speedster Haris Rauf has been named the ICC Men's Player of the Month for November 2024 after leading the Men in Green to a historic ODI series victory in Australia.

time-read
1 min  |
December 12, 2024
BGT: Nathan McSweeney excited for Brisbane Test
The Daily Guardian

BGT: Nathan McSweeney excited for Brisbane Test

Australia's young batter Nathan McSweeney is \"looking forward\" to playing at The Gabba, a ground he \"knows well\" under seaming conditions against India in the third Test of the Border-Gavaskar Trophy (BGT) series.

time-read
1 min  |
December 12, 2024
Khelo India Winter Games: Leh to host in Jan, Gulmarg in Feb
The Daily Guardian

Khelo India Winter Games: Leh to host in Jan, Gulmarg in Feb

The Khelo India Winter Games dates have been announced.

time-read
1 min  |
December 12, 2024
Entire Australian top order is under pressure: David Warner
The Daily Guardian

Entire Australian top order is under pressure: David Warner

As Australia gears up for the third Test of the Border-Gavaskar Trophy against India, former Aussie opener David Warner has stressed the importance of the top order delivering big runs, given the \"relentless\" nature of the Indian bowling attack when they operate in partnerships.

time-read
1 min  |
December 12, 2024
Australia whitewashes India with 83-run win
The Daily Guardian

Australia whitewashes India with 83-run win

Opening the innings, Mandhana scored 105 off 109 deliveries to anchor the run chase but didn't get support from other Indian batters.

time-read
1 min  |
December 12, 2024
BGT 2024-25: Rohit-led Team India arrives in Brisbane for 3rd Test
The Daily Guardian

BGT 2024-25: Rohit-led Team India arrives in Brisbane for 3rd Test

The third match of the series between Australia and India will kick off from Saturday at the iconic Gabba

time-read
2 mins  |
December 12, 2024
GUKESH DRAWS AGAINST LIREN IN 13TH GAME
The Daily Guardian

GUKESH DRAWS AGAINST LIREN IN 13TH GAME

With the score tied at 6.5-6.5 and one classical game left, the match is likely heading to tie-breaks to determine the winner.

time-read
1 min  |
December 12, 2024
Harry Brook tops ICC Test batter rankings, overtaking Joe Root
The Daily Guardian

Harry Brook tops ICC Test batter rankings, overtaking Joe Root

Harry Brook overtook Joe Root on Wednesday to snatch the top spot on the latest ICC Men's Test Batter Rankings, the ICC said in a release on its website ICC Cricket.

time-read
2 mins  |
December 12, 2024