Finance Minister Asad Umar has stressed the need for an online payment system in Pakistan. He believes that to boost IT development in the country there should be an international payment service. Umar has also shown willingness to meet the CEO of PayPal and ask him to consider Pakistan for the services.
What is PayPal?
To all those who do not know what PayPal is; it is US-based financial services company that facilitates online money transfer system used by individuals and businesses to make payments.
The minister believes that Pakistan IT market has a huge potential and it does not make sense to him why services like PayPal are not interested in this potential. However, he also said if not PayPal, then there should be an alternative online international payment system should be launched in Pakistan. He said that he asked the IT ministry to form a task force, and even suggested names for it.
“I have met Prime Minister Imran Khan and IT minister in the past few days just to make sure we are moving in the right direction in this regard,” the minister said.
Asar Umar is hoping to bring either PayPal or other internationally accepted alternative during the next four months. He also highlighted the fact that many entrepreneurs and startups need it and it should be introduced.
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) ways to receive payments which takes time.