PayPal Might Make Its Way To Pakistan
It seems like PayPal is coming to Pakistan and people cannot stop their excitement. Reports reveal that Finance Minister Asad Umar has given an ultimatum to the IT ministry of the country of four months to bring PayPal to the country.
PayPal, a US based financial service, allows easy online money transfer. It is used by people and businesses across the globe, where PayPal is functional.
Today, the service is accepted by most retailers online. Hence, if you are looking for a book on Amazon, you could buy it using PayPal with just ONE click.
Asad Umar Directs Ministry
Reports suggest that Asad Umar, the new Finance Minister of the country, has asked the IT ministry to form a new task force and has also proposed names for it. Umar has now asked the minister to convince PayPal to come to the country. If this isn’t fruitful, he has asked them to create a new, home-grown online payment system.
So far, the minister is on board and has even showed interest in meeting the CEO of PayPal if needed.
Freelancers in Pakistan struggle due to lack of PayPal in the country. If the service does make its way to the country, 2,00,000 freelancers will be facilitated who earn about $500 million.
Pakistan’s government wants to target $10 billion worth of IT exports by 2025 and bringing PayPal would help in achieving that target.
However, things are not as easy as they seem. The previous government also tried to bring PayPal to the country. However, FATF’s ruling of Pakistan in the grey list hampered the government’s efforts to bring it.
Pakistan, therefore, has to get off the money laundering and terrorist financing list if it wants to bring the service to the country.
As of now, Pakistan is not 100% in terms of IT. There have been episodes where YouTube was banned for 3 years and so on. There are problems in Pakistan and these have to be addressed for the country to go forward.