For years, the question of whether PayPal would set foot in Pakistan has been a topic of intense speculation, debate, and even frustration among many in the country’s burgeoning digital economy. Recently, there have been renewed hopes and rumors that PayPal, along with other fintech giants like Stripe and Wise, might finally make its way to Pakistan. In this article we will answer your question “Is Paypal Coming To Pakistan?”
PayPal is like a digital wallet for the internet. It’s a service that lets you send and receive money online securely.
Imagine you’re shopping online, and you want to pay for something. Instead of using your credit card directly on different websites, you can use PayPal. You link your credit card or bank account to your PayPal account just once. Then, when you want to make a payment, you choose PayPal at checkout, and you’re done. No need to type in your payment details every time you shop.
Also, PayPal is handy for splitting bills with friends, paying for services, or selling items online. You can send money to someone’s email address or mobile number, and they’ll get the funds in their PayPal account.
How Paypal can help Freelancers in Pakistan?
As an ex-freelancer, I understand the need for Paypal in Pakistan. There are very few payment gateways in Pakistan, even Wise is no longer accepting new accounts from Pakistan. Most of the clients in the USA or UK (tier 1) countries only accept PayPal as the payment gateway because you can easily create an invoice on PayPal and send it to your client. Moreover, it’s more secure than the other means of payment. Also, if you don’t receive your product or the delivery you wanted, you can easily file a claim through Paypal, and a Paypal representative will help you in this scenario.
It’s a convenient way to manage your money in the digital age, providing an extra layer of security because you don’t need to share your financial information with multiple online stores or people.
Is Paypal Coming To Pakistan?
A flurry of reports and discussions has emerged, seemingly confirming that PayPal, Stripe, and Wise are considering Pakistan as part of their expansion plans. The news gained significant traction when Pakistan’s caretaker IT Minister, Dr. Hafiz Abdul Karim, hinted at these developments in a statement.
Our roadmap for online freelancers in Pakistan:
— Umar Saif (@umarsaif) August 31, 2023
1. Bring PayPal and Stripe
2. Treat online freelancing at the same tax rate as IT industry: 0.25%
3. Create co-working spaces for 500,000 freelancers in Pakistan.
I believe our online freelancers can earn up to $2.5 Billion…
However, if you ask me, it is highly unlikely that Paypal is going to accept this proposal. One perspective to consider is the economic stability of a country. Currently, there is no economic stability in the country. So, the economic crisis in Pakistan might pose a significant hurdle to such expansions.
Can Pakistanis Still Use PayPal?
Interestingly, despite the absence of official PayPal services in Pakistan, some resourceful individuals have found ways to create and use PayPal accounts within the country. These workarounds involve using overseas contacts or third-party services, but they come with inherent risks.
Final Words
While there are certainly positive signs, including discussions with government officials, there are also obstacles and contradictory reports to consider. However, we should remain hopeful for PayPal’s potential arrival in Pakistan.
