In a much-awaited development, PayPal is poised to establish its footprint in Pakistan through a strategic partnership with an existing international payment gateway, catering specifically to freelancers and IT professionals. The joint venture announcement is anticipated in the coming week, as confirmed by Caretaker Minister for IT and Telecom, Dr. Umar Saif.
Dr. Saif noted that PayPal’s indirect operation in Pakistan through this collaboration marks a pivotal moment for the country’s burgeoning freelance community, estimated at approximately 1.5 million and ranking as the fourth-largest globally.
This move follows persistent efforts by previous governments to persuade PayPal to operate within Pakistan, overcoming previous security concerns that hindered its entry.
Highlighting the positive impact on IT exports and freelancer remittances, Dr. Saif credited recent measures supporting a liberal financial regime. Already, inflows from IT exports have surged by 13% in November, with expectations of further growth. The IT Ministry has undertaken various initiatives, including providing smartphones through installment plans, conducting standardized quality tests for IT graduates, and the approval of the National Space Policy.