Is PayPal money transfer service coming to Pakistan?
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*ISLAMABAD - Pakistan is planning to bring PayPal services in country to regularise the money transfered in Pakistan from several sources abroad.*
*Finance Minister Asad Umar has said that he has given four months **to the IT ministry to convince PayPal to come to Pakistan.*
The US-based financial services company is an online money transfer system used by individuals and businesses to make payments. For example, a consumer can purchase his favourite book from Amazon.com link if he has a PayPal account. However, the services were not available in Pakistan.
He said that he asked the IT ministry to form a task force, and even suggested names for it. Umar says he has told the minister to either convince PayPal to come to Pakistan or work on launching a home-grown online payment system.
The minister is even willing to meet PayPal CEO, and convince him to come.
If PayPal comes to Pakistan it will facilitate about 2,00,000 freelancers, who earn more than $500 million. These freelancers currently use non-banking (informal) channels to receive payments.
