Finance Minister Asad Umar said that Ministry of IT & Telecom (MoITT) is given four months to launch Paypal in Pakistan. Thus, if it succeeds, PayPal should launch in Pakistan by February 2019.
PayPal is basically an online money transfer system that is used worldwide by individuals, businesses, and freelancers. Even though the former government also tried to introduce PayPal services in Pakistan, the efforts went in vain.
MoITT is given the task to convince PayPal to introduce itself in Pakistan. If it is unable to convince PayPal then a local online payment system will be introduced in the country. Asad Umar is also willing to meet with the PayPal CEO and assure him that Pakistan is a potential market for investment.
It must be noted that Pakistan is the fourth leading freelancer market in the world according to the Online Labor Index published by Oxford Internet Institute in 2017. Pakistan constitutes 9% of the freelancers of the world. Yearly Pakistani freelancers earn over $500 million. But unfortunately, there is no proper system in Pakistan for freelancers to receive money from their international clients. Thus it is extremely essential to launch PayPal in Pakistan.
Similarly, Pakistan’s IT exports crossed $1 billion and Pakistan government aims it to cross $10 billion by 2025. Thus for the Business Process Outsourcing (BPO) industry of Pakistan, PayPal is required.
Previously there have been times in 2015 and 2017 when Pakistanis were given hope that the government is very soon launching PayPal in the country but it didn’t happen. Now it is important that MoITT develop a roadmap in four months and carefully handle the situation before they decide to approach the leading online payment company.