Federal Minister of Finance Asad Umar has once again shown his concern over the unknown reasons for which Paypal is ignoring the Pakistani market despite its huge potential. The minister seems bent on bringing pay Paypal in Pakistan.
Paypal is a US-based company that provides worldwide online payments system and therefore is much effective and efficient as well as safe than ordinary transactions.
In an interview with PTI social media., Mr. Asad Umar asserted, “Either Paypal or any other alternate virtual payment system but in the next four months or so we should have an internationally acceptable payment gateway for the surging number of startups in the country.”
The finance minister called out the company on leaving such a huge market untouched. Pakistan ranks fourth in the whole world with the highest number of freelancers.
Chairman Punjab Information Technology Board (PITB) Dr. Umar Saif professed that due to the growth of IT industry there are current 1.5Lac freelancers working in Pakistan which earn somewhat around 850Million to 1 Billion annually and send them to Pakistan via non-banking channels.
Introducing Paypal would have an impact of 90Billion to 100Billion on the economy from freelancing along and if e-commerce included, it may double in a very short time, Said Umer Saif
That being said, an outpour of startups has also been seen in the recent past which is not only a good thing for the country’s economy but also a great opportunity for Paypal to build its base here before any of its rivals does. Due to the absence of international payments system solutions, freelancers in Pakistan specifically face enough hindrances and are compelled to opt for many expensive ways of getting paid.
Earlier, during an interview that aired on the Channel 92 Federal Minister for Finance and Economic Affairs Asad Umar said, “I had a meeting with a company that provides digital solutions similar to those offered by PayPal, and we will have either PayPal or a similar system in the country soon.”
However, sadly such promises form the govt dignitaries are nothing new. In November 2015 Minister for Information Technology Anusha Rahman announced that government was set to invite payment giants including Ali Baba’s (Alipay) and Paypal to Pakistan but then again everything went dead silent.
Let’s see what this government has to offer in this regard. Will the government be able to come up with concrete solutions to this problem or will it just be high claims like before? Do let us know in the comments below.