![A pivotal development in this evolution is the introduction of PAN 2.0, a system poised to significantly reduce operational costs for fintech companies. A pivotal development in this evolution is the introduction of PAN 2.0, a system poised to significantly reduce operational costs for fintech companies.](https://cdn.magzter.com/1651053503/1732655464/articles/UwDHNKyWq2uXpF88trwsys/A-PIVOTAL-DEVELOPMENT-IN-THIS-EVOLUTION-IS-THE-INTRODUCTION-OF-PAN-20-A-SYSTEM-POISED-TO-SIGNIFICANTLY-REDUCE-OPERATIONAL-COSTS-FOR-FINTECH-COMPANIES.jpg)
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.
Bu hikaye The Business Guardian dergisinin November 27, 2024 sayısından alınmıştır.
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Bu hikaye The Business Guardian dergisinin November 27, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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