The new government has announced that they will be initiating efforts to bring PayPal , an American company operating a worldwide online payment system and providing various solutions for securing financial transactions over the internet to Pakistan.
Paypal is all set to enter the Pakistani market as an online payment solutions provider. This is in line with the government of Pakistan’s goal to promote financial inclusion and bring more people into the formal economy.
Paypal will be partnering with local banks and financial institutions to provide its services to Pakistani users. This will enable Paypal’s users to make online payments for goods and services, as well as send and receive money from friends and family.
Paypal’s entry into Pakistan is a positive development for the country’s economy, and will help to boost e-commerce activity. It will also provide an alternate form of payment for those who do not have access to credit or debit cards. Paypal’s arrival in Pakistan is a sign of the growing interest in the country as a potential market for online payments.
Attempts had been made in 2015 and 2019 to bring PayPal to Pakistan but the global online payment giant refused to enter the Pakistani market. The global online payment giant, which has so far refused to enter the Pakistani market due in part because of security concerns and strict regulation, is now looking into launching operations here.
PayPal was concerned about entering the Pakistani market because of regulatory restrictions by the State Bank of Pakistan and complicated three-step approval process.
Hence this is big news for a country where cash is still king and credit cards are not widely accepted. Paypal will allow Pakistani businesses to sell products and services online to a global audience. It will also allow Pakistani consumers to make online purchases from overseas merchants. The arrival of Paypal is a major coup for the Government of Pakistan, which has been working hard to attract foreign investment and promote economic growth. Paypal is a trusted and well-established brand, and its entry into the Pakistani market is a vote of confidence in the country’s future.