In a significant development, the caretaker Federal Minister for Information Technology and Telecommunication Dr Umar Saif announced that the Pakistani government is actively engaged in discussions with global payment giants PayPal and Stripe to bring their services to Pakistan.
The move aims to support the country's burgeoning freelance industry and boost the e-commerce sector.
Dr Saif stressed the importance of bringing PayPal to Pakistan, particularly to benefit the growing community of freelancers in the country.
He revealed that the government's strategy involves convincing PayPal to provide services through a third-party entity within Pakistan, a model successfully implemented in Egypt. This approach would enable Pakistani freelancers to receive payments through PayPal, providing a seamless solution for the country's freelancing community.
Promising start with PayPal
The Ministry of Information Technology and Telecommunication has already initiated discussions with PayPal, seeking their cooperation in allowing Pakistani freelancers to repatriate their earnings to Pakistan via a one-way service.
These talks are set to commence within the next week, marking a crucial step in potentially expanding PayPal's presence in Pakistan.
Stripe enters picture
In addition to discussions with PayPal, the Pakistani government has also initiated talks with Stripe, another renowned global payment processing platform. These negotiations are being conducted through the Pakistani embassy in Singapore.
Should Stripe decide to launch its services in Pakistan, it could bring substantial benefits to the burgeoning e-commerce industry and offer content creators in Pakistan new monetization avenues.
Optimism for positive outcome
The minister expressed optimism regarding the outcome of these negotiations, citing a strong business case for both PayPal and Stripe to operate in Pakistan.
He anticipates that these discussions will reach a conclusion within approximately two months, potentially opening up new opportunities for financial transactions and boosting the country's digital economy.