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Govt to Invite PayPal to Pakistan Next Week

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Aizaz khan
Aizaz khan
Aizaz was the first person to get a byline on his blog on technology from his home in Bannu in 2017. Then, he went on to a career in breaking things professionally at my electric sparks which is where he eventually took over the kit as a hardware editor. Today, as the senior editor of hardware for my electric sparks, he spends time reporting about the most recent developments in the hardware industry and technology. If he's not reporting on hardware or electronics, you'll see him trying to be as remote from the world of technology as possible through camping in the wild.

The new government is going to initiate efforts to bring PayPal — an American company operating a worldwide online payment system to provide online payment solutions — to Pakistan.

An official source told ProPakistani that Prime Minister (PM) Shehbaz Sharif will attend the annual meeting of the World Economic Forum in Davos, Switzerland next week where he will meet global leaders, the CEOs of energy sectors, and commerce delegations. He will also meet with PayPal representatives and invite the company to launch its services in Pakistan.

They added that the Ministries of Finance and the Ministry of Information Technology and Telecommunication (MoITT) are researching the endeavor and the meeting will also be attended by the representatives of at least one of the ministries.

During the meeting of the Cabinet today, PM Sharif sought a briefing from the MoITT on the reforms in the IT sector and the reasons why PayPal has not been brought to Pakistan.

Attempts had been made in 2015 and 2019 to bring the global online payment giant to Pakistan but it had refused. PayPal’s major concern for entering the Pakistani market is the long list of regulatory restrictions by the State Bank of Pakistan (SBP) and the complicated three-step approval process.

Sources stated that Pakistan being on the FATF gray list is also among these problems. International electronic payment service providers have to comply with strict regulations for customers due to FATF and avoid money laundering or the SBP can cancel their licenses.

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