PayPal is an online money transfer system used to make payments
Finance Minister Asad Umar has said that the government is committed to bringing Paypal to Pakistan.
The minister denied the reports that the PTI government is hampering the process. “PayPal has neither stuck at my desk nor at any other government institution. In fact, we are chasing PayPal for the breakthrough,” Asad Umar said while speaking to the media in Peshawar on Monday.
He said that matter is not directly related to him but he took the initiative to bring the online payments giant to the country.
Asad Umar said he is well aware of the problems people have been facing because of the unavailability of PayPal. He remarked he is in talks with another company with an alternative online payment system too. The government, however, will continue convincing PayPal to launch its operations in Pakistan.
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.