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PayPal enters Pakistani market through strategic partnership

PayPal enters Pakistani market through strategic partnership

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ISLAMABAD: PayPal is gearing up to make a significant entry into Pakistan through a strategic partnership with an established international payment gateway, specifically catering to the country’s flourishing community of freelancers and IT professionals.

The formal announcement of this joint venture is anticipated in the coming week.

Dr. Umar Saif, the Caretaker Minister for IT and Telecom, disclosed that PayPal’s operations in Pakistan would be facilitated indirectly through this collaborative effort, marking a noteworthy development for the nation’s freelance sector, which stands at approximately 1.5 million individuals and ranks as the fourth-largest globally.

This initiative follows persistent efforts by preceding governments to persuade PayPal to operate within Pakistan, overcoming resistance grounded in security concerns.

Dr. Saif emphasized the positive repercussions for IT exports and freelancer remittances, attributing the surge to recent measures supporting a more liberal financial regime.

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Notably, November witnessed a 13% increase in inflows from IT exports, setting the stage for continued growth. The IT Ministry has undertaken various initiatives, including providing smartphones through installment plans, implementing standardized quality tests for IT graduates, and the approval of the National Space Policy.

Dr. Saif expressed confidence in launching 5G services in Pakistan by July 2024, facilitated by a spectrum auction offering 300 MHz.

As part of the government’s broader strategy to boost IT exports from $2.6 billion to approximately $5 billion, IT companies can now retain 50% of their export revenue in dollars in local accounts, streamlining international payments.

Furthermore, plans are underway to establish 10,000 e-Rozgar centers nationwide, providing essential facilities for freelancers and start-ups. The approval of the National Space Policy aims to empower companies to utilize low-orbit satellites for enhanced communication services.

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