PayPal is set to establish its presence in Pakistan through a strategic partnership with an existing international payment gateway, catering to freelancers and IT professionals. The joint venture announcement is expected next week.
After persistent requests from freelancers and e-commerce enthusiasts in Pakistan, a groundbreaking agreement has been forged between the Pakistani government and PayPal, a globally recognized online payment giant.
This landmark agreement is poised to revolutionize domestic remittances by channeling them through PayPal via a third-party service. It represents a long-awaited breakthrough for the freelance community and e-commerce enthusiasts who have been advocating for PayPal’s integration into the Pakistani market.
Renowned for its seamless online money transfer services, PayPal operates in a staggering 190 markets worldwide. Its entry into Pakistan is expected to significantly streamline financial transactions, especially for freelancers and those involved in digital commerce.
In a positive development for the growing freelance market in Pakistan, freelancers in the country will now be able to receive their payments through PayPal, an online payment and money transfer platform.
This platform, allowing users to send and receive money in 25 currencies across more than 200 countries, is expected to substantially boost Pakistan’s untapped freelance market, facilitating business in various fields.
Caretaker Minister for Information and Technology Dr Umar Saif highlighted the absence of various widely-used online payment platforms globally and emphasized the longstanding demand for PayPal in Pakistan by freelancers. Under the newly devised program, freelancers won’t need to open a PayPal account; instead, individuals outside the country will make payments from their PayPal accounts, and the funds will be promptly deposited into the freelancers’ accounts.
Dr Saif also discussed the nation’s first space policy approved by the federal cabinet, allowing international companies to provide communication services through low-orbit communication satellites. He stressed the rapid advancement of satellite communication technology, especially through low-orbit satellites, which are relatively closer and offer improved communication services and internet services. The National Space Policy aims to enable private-sector companies to offer affordable internet services in Pakistan, fostering increased investment in the national space program.
Dr Saif expressed confidence in launching 5G services in the country by July and offering 300MHz spectrum for auction. He highlighted the need to enhance the optic fibre network before the 5G launch and outlined efforts to revamp IT education in universities in collaboration with various institutions.
Additionally, the government plans to establish 10,000 e-Rozgar centers nationwide, equipped with the latest facilities for freelancers and startups. Dr Saif discussed the government’s initiatives to boost exports in the IT and telecom sector, acknowledging the official export figure of $2.6 billion, with the actual figure estimated to be around $5 billion. This discrepancy is attributed to the industry parking a major portion outside the country for various expenses.
