Thursday, June 4, 2020  | 11 Shawwal, 1441
Samaa TV
Facebook Twitter Youtube
HOME > Economy

Asad Umar wants PayPal in Pakistan, gives IT ministry four months to do so

SAMAA | - Posted: Oct 16, 2018 | Last Updated: 2 years ago
SAMAA |
Posted: Oct 16, 2018 | Last Updated: 2 years ago
Asad Umar wants PayPal in Pakistan, gives IT ministry four months to do so

He is even willing to meet PayPal CEO

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.

 

FaceBook WhatsApp
 
HOME  
 
 
RELATED STORIES
 

29 Comments

  1. Avatar
      Legal YouTuber  December 14, 2018 9:10 am/ Reply

    Thank You so much i need paypal account because i have YouTube Channel or blogger. This is good News for me Thanks SAMAA.tv

  2. Avatar
      Numan Malik  December 23, 2018 4:01 pm/ Reply

    thnx

  3. Avatar
      Zafar khan  December 24, 2018 8:32 pm/ Reply

    Really it’s a great news

  4. Avatar
      Mirza hassan  December 31, 2018 3:50 pm/ Reply

    Thanks asad umer thats great job

  5. Avatar
      Anonymous  January 3, 2019 11:39 am/ Reply

    Thank You so much i need paypal account

  6. Avatar
      Sajid mughal  January 6, 2019 6:07 pm/ Reply

    It will be very fruitful to support pak economy and young talent as well to self-employed…

  7. Avatar
      Pakone  January 7, 2019 11:29 am/ Reply

    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.

  8. Avatar
      Rameez Qaiser  January 20, 2019 5:03 pm/ Reply

    Waiting for February :). Thank You Samaa T.V

    Strategic Content Writing

  9. Avatar
      Tahseen Ullah  January 28, 2019 2:49 pm/ Reply

    how long will it take to make paypal account in pakistan?

  10. Avatar
      tosif  February 11, 2019 4:11 am/ Reply

    4 months has left .any update plz?

  11. Avatar
      Fahad Khalid  February 11, 2019 11:45 am/ Reply

    4 months about to be over. What’s the plan?

  12. Avatar
      Sofia  February 19, 2019 10:32 am/ Reply

    so whats the plan? its been almost 4 months now.

  13. Avatar
      Muhammad Ariz  February 21, 2019 12:46 am/ Reply

    Love good news I’m a freelancer. I need that.

  14. Avatar
      Fayaz  February 22, 2019 11:11 pm/ Reply

    Great announcement by Asad Umar our honorable Minister for Finance ,
    But Still waiting for Paypal.

  15. Avatar
      Adeel Nauman  February 27, 2019 1:13 pm/ Reply

    Thanks (y)

  16. Avatar
      Atif  March 15, 2019 3:33 pm/ Reply

    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. 🙁

  17. Avatar
      Muhamamd umar  March 20, 2019 4:59 pm/ Reply

    it wiil be very beneficial for our economy . right decision good time

  18. Avatar
      Aghna  March 21, 2019 3:12 pm/ Reply

    It’s gonna be six months now. No PayPal. Nothing happened.

  19. Avatar
      ali  March 26, 2019 2:01 pm/ Reply

    Any Idea when it is going to done in Pakistan

  20. Avatar
      Khan  March 28, 2019 2:01 am/ Reply

    It is more than 4 months but no Pal

  21. Avatar
      Adeel Ahmed  March 29, 2019 9:23 am/ Reply

    The sooner paypal comes in Pakistan, the better it is for our country.

  22. Avatar
      waheed  April 8, 2019 2:35 pm/ Reply

    sab jhoot tha..nahee aaya paypal

  23. Avatar
      Mr tube  April 8, 2019 6:51 pm/ Reply

    4 month choro 4 saal mein bi nae la sakte bas barken mar sakte han.aur awam budhu umeed laga leti ha.

  24. Avatar
      Mr. Shah  April 9, 2019 7:06 pm/ Reply

    We can only get ‘Mayoosi’ in return here in Pakistan. Nothing that directly benefit common ciitizen of Pakistan will be done here.

  25. Avatar
      Laraib  April 13, 2019 1:49 pm/ Reply

    When are we going to get paypal in Pakistan? It’s been more than 4 months

  26. Avatar
      Anonymous  April 17, 2019 10:56 am/ Reply

    paypal will look into our state bank condition and loan we have taken and most chances will deny. Its their policy

  27. Avatar
      AhsanSilicate  May 2, 2019 1:03 pm/ Reply

    aaya Paypal? No! Just got fed with lies!

  28. Avatar
      Umar Ahmed  May 11, 2019 9:23 pm/ Reply

    Hello guys what is the update about paypal services in pakistan ?

  29. Avatar
      Murtaza Mukarram  October 26, 2019 6:49 pm/ Reply

    This post was posted on October 16, 2018,
    Asad Umar gave 4 months to the IT Minister. It’s like a year now.

Leave a Reply to AhsanSilicate Cancel reply

Your email address will not be published.

FaceBook WhatsApp
 

 
 
 
MOST READ
MOST READ
Post-Eid, dollar touches one-month high
FBR collected Rs227b taxes in May
 
 
 
 
 
About Us   |   Anchor Profiles   |   Online Advertising   |   Contact Us   |   Feedback   |   Apps   |   FAQs
Facebook   |   Twitter   |   Instagram   |   YouTube   |   WhatsApp