Dr. Khalid Maqbool Siddiqui, the Federal Minister for Information Technology and Telecommunication revealed that PayPal is not launching in Pakistan.
The minister said that the government is in touch with PayPal along with looking for other alternatives, but the world’s leading online payment company is not entering the Pakistani market.
The minister was briefing the Senate Standing Committee on Information Technology and Telecommunication. Ms. Rubina Khalid chaired the committee meeting.
According to the Secretary IT Marrof Afzal the internal issues of PayPal was the main reason that the company has refused to come to Pakistan. He said that the laws of anti-money laundering and security have tightened and there is no issue on Pakistan’s part.
Due to lack of legal backing, the company is not coming to Pakistan, as revealed by Senator Mohammad Ateeq Sheikh.
He further revealed that PayPal is functional all over the world and a Pakistani director employed in the company wants to bring it to Pakistan as well. But, PayPal fears the entry of money laundering in the system in Pakistan, thus it has refused.
He has proposed that the government provides complete guarantee to PayPal and ask to enter in Pakistani market on a Public Private Partnership basis.