The government has once again said that it is working aggressively on legislation to pave way for international payment gateways. It is making efforts so that PayPal and AliPay can enter the local market.
Khurram Dastgir Khan, Commerce Minister Pakistan, has claimed that the government of Pakistan is working under the supervision of State Bank of Pakistan to start international payment services in Pakistan. They are working to streamline the processes which will enable such digital platforms to work freely in Pakistan.
Addressing the business community in Sialkot, he said, “Government is taking all necessary steps to bring international payment gateways such as PayPal to Pakistan.” Further asserting his statement, he continued, “Government wants to digitize the economy of the country that is why we need international payment gateways in Pakistan.”
There is pressure from the business and freelance community of Pakistan to bring PayPal in the country as this will enable them to send and receive international payments with ease. Their engagement with foreign clients and agents will be facilitated through this step.
It is not the first time that such a statement has been given by the minister. In his recent visit to China with the Prime Minister of Pakistan, he said that the government is moving in the right direction to digitize the economy. While visiting the headquarters of Alibaba, he expressed his hope of PayPal and other payment methods coming soon to Pakistan.
What is PayPal?
PayPal is an online payment service based in America that works around the globe and is a digital alternative to money orders and checks.
Benefits of PayPal for Pakistan
Both the business and the freelancer community will greatly benefit from PayPal as there will be ease in payment transfers for them.
- They will be able to carry out money transactions with just a few clicks from their smartphone or PC.
- There will be faster transactions.
- It will be possible for the people to send and receive money from overseas.
Recently, the Government of Pakistan has signed a MoU with Alibaba, the well-known e-commerce giant of China. Even the Minister of IT and Telecom Anusha Rehman had announced that AliPay, which is a venture of Alibaba, will be coming to Pakistan soon.
AliPay is the biggest online payment solution in China and most of the transactions take place through it.