PayPal Makes Inroads into Pakistan Through Strategic Partnership

PayPal Makes Inroads into Pakistan Through Strategic Partnership

Business Tech and Telecom

PayPal is gearing up to establish its presence in Pakistan through a strategic partnership with an existing international payment gateway, specifically designed for freelancers and IT professionals. Anticipated joint venture announcement next week marks a milestone for Pakistan’s freelance community, the fourth-largest globally with 1.5 million individuals.

Indirect Presence in Pakistan

Caretaker Minister for IT and Telecom, Dr Umar Saif, confirmed that PayPal will operate indirectly in Pakistan through this collaboration. After persistent efforts, previous governments convince PayPal to operate in Pakistan, overcoming security concerns and resistance.

Positive Impact on IT Exports

Dr Saif emphasized the positive impact of PayPal’s entry on IT exports and freelancer remittances. Recent measures supporting a liberal financial regime have contributed to a 13% increase in IT export inflows for November, with expectations of continued growth.

Government Initiatives and Future Plans

The IT Ministry has implemented various initiatives, including providing smartphones through installment plans, standardizing quality tests for IT graduates, and approving the National Space Policy. Dr Saif expressed confidence in launching 5G services in Pakistan by July 2024, with a spectrum auction offering 300 MHz.

Boosting IT Exports to $5 Billion

Government targets doubling IT exports to $5 billion by implementing a more liberal financial regime. IT companies can now retain 50% of their export revenue in dollars in a local account, streamlining international payments.

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