Somehow a bad piece of news for all the Pakistani’s. PayPal will not start its operations in Pakistan. The news was confirmed by Dr. Khalid Maqbool Siddiqui, Minister for Information Technology and Telecommunication. In the recent past, there was a lot of noise regarding PayPal that soon the company is going to operate in Pakistan. However, it ended other than as expected.
While briefing the standing committee of the senate, Dr. Khalid Maqbool Siddiqui said that the government is still holding talks with PayPal administration and is looking for some other alternatives too.
Mr. Maroof Afzal, Secretary IT also spoke regarding the matter and said that the actual reason behind PayPal’s refusal to operate in Pakistan was their own internal issues. There are no such issues on our part he added. He aforementioned Pakistan have further tightened the laws regarding that anti-money laundering and security issues. So we can’t be blamed for the company’s refusal to come.
However, Senator Mohammad Ateeq Sheikh said that he believes the company’s refusal to operate in Pakistan is because of the fact that there is no legal backing.
He also added that PayPal’s is operating across the Globe, and Director who is a Pakistani national is keen to bring the company in Pakistan. However, due to issues like money laundering, the company has decided not to start operations in Pakistan.
According to Mohammad Ateeq, if a sovereign guarantee is given to PayPal besides offering them a Public Private Partnership the company might reconsider their decision.
It’s worth mentioning here that due to lack of an online money transfer system, Pakistan is losing huge foreign exchange reserves and our freelancers’ community also face a lot of difficulties for collection of their payments.
If a company like PayPal stepped in Pakistan it will no doubt give a huge boost to the economy in terms of increase in remittances and increased cash flow for Freelancers from Digital companies like YouTube, Facebook, Google, Upwork, etc.
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