PayPal, online payment system is coming in Pakistan?

PayPal, online payment system is coming in Pakistan?

Caretaker Federal Minister for IT and Telecommunication, Dr. Umar Saif, has expressed his desire to introduce online payment systems like PayPal and Stripe to Pakistan. He made this announcement while serving as the chief guest at the 23rd ITCN Asia 2023 event held in Karachi, themed "Declaring Pakistan The Regional ICT Hub." Dr. Umar Saif emphasized the significance of this move, considering that Pakistan boasts the world's second-largest pool of freelancers. He believes that facilitating their work through globally recognized payment platforms such as PayPal and Stripe could potentially boost exports by an additional $2 billion.

To achieve the ambitious goal of reaching $10 billion in annual exports, the minister unveiled a comprehensive roadmap with four major dimensions. Firstly, he proposed increasing the annual IT export from its current $2.6 billion to $3.5 billion. This would be achieved by instilling confidence in IT companies to retain their export earnings within special accounts held by Pakistani banks, rather than channeling them offshore to various international offices.

Furthermore, Dr. Umar Saif stressed the importance of establishing special forex accounts and online banking platforms specifically tailored for IT companies. These measures would facilitate their investments in essential software services and hardware equipment, ultimately strengthening the IT infrastructure within the country.

Another critical aspect of the roadmap involves the government's collaboration with the private sector to train 100,000 software developers. This initiative aims to enhance exports by an impressive $2 billion annually, contributing significantly to the overall goal of reaching $10 billion in exports. When implemented, this could potentially elevate the total export value to $5.5 billion, further solidifying Pakistan's position in the global IT sector.

In conclusion, Dr. Umar Saif's vision for Pakistan's IT and telecommunications sector includes the integration of popular online payment systems like PayPal and Stripe, which could substantially increase the nation's exports. His roadmap for achieving the $10 billion annual export target encompasses strategies to boost IT exports, improve the infrastructure, and train a large workforce of software developers. These measures collectively aim to position Pakistan as a thriving hub for information and communication technology on the global stage