A Big Relief for Freelancers: PayPal Coming to Pakistan

January 10, 2024Zayn0

Umar Saif, the acting minister for telecommunications and information technology (IT), said on Saturday that Pakistani freelancers have excellent news regarding the PayPal payment channel, according to ARY News.

Details reveal that PayPal is prepared to offer its services in Pakistan, according to IT Minister Dr. Umar Said.

Due to a strategic relationship, PayPal will build their presence in Pakistan and handle international payments through a third-party gateway.

According to sources in the IT ministry, Pakistan’s freelancing community will benefit from the introduction of this project.

Reforms in the IT Sector and for Freelancers

Over 6 lac Pakistanis export their IT services to foreign countries with the assistance of freelancers and IT experts, bringing approximately $250 million in export remittances to countries in South Asia per month.

Online payment companies Stripe and Paypal are not currently operating in Pakistan due to a lack of business opportunities, regulatory and compliance hurdles, as well as concerns about fraud and money laundering. This is causing payment issues for freelancers in the midst of the increasing growth in IT exports.

Technological Advancements

Dr. Saif also underlined the critical role that the IT sector plays in attaining economic stability, aiming to raise IT exports by $5 billion. He presented strategies for partnering with businesses and academic institutions to train 200,000 IT workers.

He emphasized that low-orbit satellite communication services were desired by several private enterprises worldwide, and that satellite communication technology was progressing quickly.

He stated, “Satellites used to be geostationary, far away from the land.” They are helpful for transmitting TV signals, but the delay makes communication challenging.

Saif went on to say that since low-orbit satellites were comparatively closer, they might be used to provide internet and communication services. He said that the private sector has made significant progress in this area.

“Therefore, the private sector now possesses this technology and it is possible to provide communication services through satellites in Pakistan,” he said.

Wrap Up

The minister also emphasized that private sector businesses would be able to “offer affordable internet services in Pakistan while enabling increased investment in our national space program” thanks to the National Space Policy.

In partnership with HEC, the National Computing Accreditation Council, the Examination Testing Council, the Pakistan Software Export Board, and the Pakistan Software Houses Association, the ministry has taken major steps to transform IT education in universities.

We have created a system that eliminates the requirement to create a PayPal account. Through a PayPal account, anyone seated outside of Pakistan can now contribute money, which can subsequently be deposited into Pakistani banks,” he continued.

 

Zayn

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