One of the biggest and perhaps the most secured online payment transaction portals, Paypal has now begun asking the users in India, to enter their government issued Permanent Account Number or PAN Card number, in order to open an account on the Paypal India website. The PAN number is 10 digit alphanumeric number that is issued by the Income Tax department of India and is associated with all the financial records of an individual.
The whole purpose of the all new PAN number feature in Paypal is to ensure that, the Income Tax department and authorities can keep a track on the movement of funds online and thus creating secure environments, where the money could not be used for illegal activities. A secondary addition to the Paypal online form, is the introduction of mobile phone numbers, that would be used by the banks to get in touch with the users and ascertain the origins of the funds.
Furthermore, Paypal has now also enabled the users to withdraw money from Paypal accounts to their banks. The ‘purpose of withdrawal of money’ question needs to be answered before the funds are credited to the bank accounts. This move is being viewed as an attempt by Paypal to understand as where the money is coming from and for what reasons.