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Asad Umar wants PayPal in Pakistan, gives IT ministry four months to do so
October 16, 2018
Finance Minister Asad Umar has said that he has given four months to the IT ministry to convince PayPal to come to Pakistan.
The US-based financial services company is an online money transfer system used by individuals and businesses to make payments. For example, a consumer can purchase his favourite book from Amazon.com if he has a PayPal account. However, the services were not available in Pakistan.
He said that he asked the IT ministry to form a task force, and even suggested names for it. Umar says he has told the minister to either convince PayPal to come to Pakistan or work on launching a home-grown online payment system.
The minister is even willing to meet PayPal CEO, and convince him to come.
If PayPal comes to Pakistan it will facilitate about 2,00,000 freelancers, who earn more than $500 million. These freelancers currently use non-banking (informal) channels to receive payments.
Since the government is targeting $10 billion in IT exports by 2025, this platform will remove one of the hurdles facing the Business Process Outsourcing (BPO) industry. Similarly, e-commerce industry will also benefit because of both traders and consumers. The company operates in 190 markets across the world.
However, Pakistan’s intention to bring PayPal may not be enough.
The previous government had expressed its intention to invite PayPal. Their optimism stemmed from the fact that Pakistan was removed from FATF’s grey list and was placed on its whitelist. However, Pakistan has once again been placed on the grey list of the multilateral body that combats money laundering and terrorist financing.
Pakistan will have to get off the list, provide supporting infrastructure, and regulatory framework to attract a name as big as PayPal.
The government will need to have the necessary legal and financial regulatory framework in place before expecting PayPal to enter the Pakistani market.
The country’s history with internet companies has been strenuous. Youtube was banned for more than three years, and cellular services are suspended every now and then. The country lacks bilateral or mutual legal assistance treaties for cybercrime-related cooperation too.
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Thank You so much i need paypal account because i have YouTube Channel or blogger. This is good News for me Thanks SAMAA.tv
thnx
Really it’s a great news
Thanks asad umer thats great job
Thank You so much i need paypal account
It will be very fruitful to support pak economy and young talent as well to self-employed…
We need Paypal, Amazon and e-bay in Pakistan. Freelancers and self employed individuals can then market their services and products to consumers around the globe. Great imitative by Finance Minister Asad Umer but a lot more needs to be done yet to bring these 3 companies to Pakistan. It will pay massive dividends to the Pak economy as its the digital age and everyone is looking for ways and means to market and sell their services and products to the world. Quality textiles, sporting goods, even musical instruments, electronics, all manufactured in Pakistan.
Waiting for February :). Thank You Samaa T.V
Strategic Content Writing
how long will it take to make paypal account in pakistan?
4 months has left .any update plz?
4 months about to be over. What’s the plan?
so whats the plan? its been almost 4 months now.
Love good news I’m a freelancer. I need that.
Great announcement by Asad Umar our honorable Minister for Finance ,
But Still waiting for Paypal.
Thanks (y)
5 months guzar gaye. Na PayPal aya na PayPal ka koe ata pta he. February ka wada tha k PayPal ayga. Lekn march b guzrne wala he. Or kitna wait Karen.? Kae salon se raah tak rahe hen PayPal ka. Mjhe nhi lagta k PayPal kbhi ayga. 🙁
it wiil be very beneficial for our economy . right decision good time
It’s gonna be six months now. No PayPal. Nothing happened.
Any Idea when it is going to done in Pakistan
It is more than 4 months but no Pal
The sooner paypal comes in Pakistan, the better it is for our country.
sab jhoot tha..nahee aaya paypal
4 month choro 4 saal mein bi nae la sakte bas barken mar sakte han.aur awam budhu umeed laga leti ha.
We can only get ‘Mayoosi’ in return here in Pakistan. Nothing that directly benefit common ciitizen of Pakistan will be done here.
When are we going to get paypal in Pakistan? It’s been more than 4 months
paypal will look into our state bank condition and loan we have taken and most chances will deny. Its their policy
aaya Paypal? No! Just got fed with lies!
Hello guys what is the update about paypal services in pakistan ?