Last Updated on: 17th July 2023, 12:49 am
Pakistani Govt Invites PayPal To Pakistan The Next Week
The new government will make efforts to bring PayPal, an American company operating a global online payment system, to Pakistan to offer online payment solutions.
An official source told the news media that Prime Minister (PM) Shehbaz Sharif will attend next week’s annual meeting of the World Economic Forum in Davos, Switzerland, where he will meet with world leaders, energy sector CEOs, and business delegations. He will also meet PayPal representatives and invite the company to launch its services in Pakistan.
They added that finance ministries and the Ministry of Information Technology and Telecommunications (MoITT) are studying the effort and the meeting will also bring together representatives from at least one of the ministries.
During today’s cabinet meeting, Prime Minister Sharif asked MoITT for a briefing on IT sector reforms and the reasons why PayPal was not rolled out in Pakistan.
Also Read: PayPal to Start Withdrawal Using Cryptocurrency Wallet
In 2015 and 2019, attempts were made to bring the global online payments giant to Pakistan, but it was rejected. PayPal’s main concerns about entering the Pakistani market are the long list of regulatory restrictions imposed by the State Bank of Pakistan (SBP) and the complicated three-step approval process.
The sources said that Pakistan on the FATF’s gray list is also among these issues. International providers of electronic payment services must comply with strict regulations for customers and prevent money laundering under the FATF, or the SBP can revoke their licenses.
Also Read: Create PayPal account in Pakistan