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Pakistan’s PayPal Enters The Market With a Strategic Partnership

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Pakistan's PayPal Enters The Market With a Strategic Partnership

(CTN News) – A strategic partnership between PayPal and an established international payment gateway is set to pave the way for PayPal’s entry into Pakistan.

This collaboration aims to cater specifically to the country’s thriving community of freelancers and IT professionals. The official announcement of this joint venture is expected to be made in the upcoming week. Dr. Umar Saif, the Caretaker Minister for IT and Telecom,

Revealed that PayPal’s operations in Pakistan would be facilitated indirectly through this partnership.

This development holds great significance for the nation’s freelance sector, which comprises approximately 1.5 million individuals and ranks as the fourth-largest globally. This initiative is the result of persistent efforts by previous governments to convince PayPal to operate within Pakistan, overcoming security concerns that had hindered progress in the past.

Dr. Saif highlighted the positive impact on IT exports and freelancer remittances, crediting recent measures that support a more open financial system.

November saw a notable 13% increase in inflows from IT exports, setting the stage for sustained growth. The IT Ministry has taken several initiatives, such as offering smartphones through installment plans, implementing standardized quality tests for IT graduates, and approving the National Space Policy.

Dr. Saif expressed confidence in launching 5G services in Pakistan by July 2024, with the help of a spectrum auction that will provide 300 MHz.

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

Additionally, plans are in progress to establish 10,000 e-Rozgar centers across the country, which will offer essential facilities for freelancers and start-ups. The approval of the National Space Policy aims to empower companies to utilize low-orbit satellites for improved communication services.

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