Headline 15-Jan-24
PayPal and Stripe are launching in Pakistan soon, during a meeting that included topics related to dollar retention accounts and corporate debit cards for IT companies, as well as efforts to bring services like PayPal, Stripe, and Wise to Pakistan. Additionally, you mentioned accelerating the next stage of RAAST merchant payments with a request-to-pay facility. Here’s a refined version with clearer wording:
Dollar Retention Accounts and Corporate Debit Cards for IT Companies.
Explore options for introducing dollar retention accounts tailored for IT companies, facilitating the seamless retention and expenditure of dollars.
Introduction to PayPal, Stripe, and Wise in Pakistan.
Initiate efforts to bring renowned financial services such as PayPal, Stripe, and Wise to Pakistan. This will enhance convenience for freelancers and e-commerce businesses by providing efficient payment solutions.
Accelerating RAAST Merchant Payments (P2M) with the Request-to-Pay Feature.
Fast-track the advancement of RAAST merchant payments to the next stage, incorporating a user-friendly request-to-pay feature. Simplify the language for better understanding and implementation.
How will the launch of PayPal and Stripe impact Pakistan’s freelancing industry?
For those still wondering about PayPal and Stripe, let me simplify the answer for you.
Now, you can effortlessly receive international payments right from the comfort of your home—something that has held back millions of Pakistanis from competing in the online market. It’s as straightforward as it gets.
With over 1 million freelancers working globally, Pakistan boasts the second-largest online workforce. And I anticipate that this number will skyrocket after the introduction of PayPal and Stripe in Pakistan.
But this isn’t just the end; it marks the beginning of a nationwide financial revolution where banks stand to benefit even more.
So, don’t just stand by idly—reflect on all those missed opportunities due to the unavailability of PayPal and Stripe in Pakistan. Hopefully, that’s about to change. And for the millions of us striving to make an honest living, I sincerely hope it does.
I’m considering writing a blog on all the platforms to watch out for when PayPal launches in Pakistan. Let me know in the comments if you’d like to see that in your feed.
Is PayPal not planning to enter the Pakistani market?
In contrast to IT Minister Umar Saif’s assertions, it appears that PayPal and Payoneer are in the process of forming a partnership to include PayPal as a payment option within the Payoneer platform.
Despite the statement made by Pakistan’s interim IT Minister, Umar Saif, PayPal is not set to commence operations in Pakistan, either directly or indirectly. Last Friday, the minister mentioned that PayPal would be operating indirectly in the country through a collaboration with an existing payment service called Payoneer.
Verified sources clarify that the collaboration does not imply PayPal initiating operations in Pakistan. The information reveals that Payoneer is forming a partnership with PayPal to enable PayPal as a payment option for Payoneer users.
For people in Pakistan, the issue is that they can’t sign up for a PayPal account directly from Pakistan. However, they do have that option if they are citizens of countries like the UK or the US, according to a source in the know.
In September of the previous year, the interim minister, Umar Saif, mentioned actively working to bring PayPal and Stripe, another global payment service, to Pakistan. The goal was to address the demand for a one-way payment service for freelancers. At that time, the minister anticipated conclusive news within the following two months.
However, there hasn’t been progress in this matter since then. According to a study from the Pakistan Institute of Development Economics (PIDE), the delay in PayPal’s operations in Pakistan is mainly attributed to perceived obstacles related to the licensing regime for electronic money institutions (EMIs), concerns about money laundering, and restrictions imposed by the Financial Action Task Force (FATF) on Pakistan.
The study also points to challenges in the exchange control regime and data privacy as significant barriers preventing PayPal from operating in Pakistan.
Opening a Stripe Account in Pakistan:
Pakistan is not currently included in the list of countries supported by Stripe. To successfully create a Stripe account in Pakistan, you will need to refer to the comprehensive guide provided in this blog post. This guide specifically focuses on how to use Stripe in countries that are not officially supported.
Good news for 10,000 freelancers in Pakistan!
Great news for freelancers in Pakistan! The interim Federal Minister for Information Technology and Telecommunication, Dr. Umar Saif, has unveiled an exciting plan set to kick off in February. This initiative aims to enable 10,000 freelancers in Pakistan to receive payments through PayPal, despite PayPal not having a direct presence in the country.
A third-party solution will be used to handle payments, eliminating the need for freelancers to have their own PayPal accounts. Payments from abroad will be sent directly to freelancers.
Dr. Saif emphasized the government’s commitment to simplifying the process for freelancers. They only need to demonstrate their accounts on platforms like Fiverr and Upwork. Additionally, a 50% dollar retention policy will be introduced, allowing freelancers to retain half of their earnings in dollars. Moreover, a dedicated debit card will be provided for seamless transactions.
To further support freelancing and entrepreneurship, the government is investing in E-Rozgaar centers across Pakistan, planning to establish over 250 centers. These centers will offer interest-free loans, fostering a conducive environment for freelancers. The goal is to have 40 centers operational by February 19, 2024.
Dr. Saif highlighted a standardized quality test for 75,000 IT graduates on January 15, leading to potential job opportunities through the Industry Placement Programme. The government is also set to provide international certification training for 16,000 individuals in technologies such as Salesforce and Microsoft.
Thanks to these government initiatives, IT revenue in Pakistan has seen a notable 13% increase in the past month. Federal IT Secretary Hassan Nasir Jami commended the efforts to boost IT exports and support freelancers, encouraging individuals to explore the growing opportunities in Pakistan’s thriving IT sector.
I hope you have found answers to your questions. We will continue providing new updates over time.
The latest information about the newest phones can be viewed here at Deviceinsiders
