Are PayPal and Stripe going to be available in Pakistan? It’s exciting news for Pakistani freelancers who have been complaining about the lack of these payment methods. Checkout the latest updates below:
Updates from the Federal Ministry of IT:
In an interview with the media, Dr. Umar Saif, caretaker Federal Minister for Information Technology and Telecommunications, stated that talks were underway with PayPal and Stripe and that efforts were being made to persuade PayPal to launch its services in the South Asian country through a third party, as it does in Egypt. He stated that another round of negotiations with PayPal will take place within the next week. Saif also provided an update on negotiations with Stripe, indicating that they are still ongoing.
Earlier this month, the IT minister stated his intention to bring online services to Pakistan to help freelancers.
He additionally presented his strategy for revitalizing the technology sector to interim Prime Minister Anwaarul Haq Kakar. The prime minister has approved and praised a plan for the establishment of PayPal and Stripe in Pakistan.
On the social media network X, formerly Twitter, Saif, one of the greatest techies in the country, offered a roadmap for online freelancers in Pakistan. “Our road map for online freelancers in Pakistan,” he wrote.
1- Bring Stripe and PayPal
2- Consider internet freelancing to be taxed at the same rate as the IT industry: 0.25%.
3- Create coworking spaces in Pakistan for 500,000 independent contractors.
“I believe our online freelancers can earn up to $2.5 billion in the next two years!” he remarked.
PayPal’s expected launch date in Pakistan:
In Pakistan, a caretaker government is constituted for a period of 60 or 90 days in order to hold transparent elections in the country. The current government’s constitutional tenure, to which Dr Saif is linked, is 90 days because the National Assembly was dissolved days before its tenure expired.
The first possibility is that the IT minister, anxious to expand Pakistan’s IT sector, will try to open PayPal in Pakistan during the interim government’s 90-day tenure.
However, the interim setup’s lifespan is expected to exceed 90 days because the Election Commission of Pakistan (ECP) has chosen to conduct a new delimitation of constituencies under the new digital census. The procedure could take several months.
In a recent press release, the chief election commissioner stated that the ECP has set a goal of completing delimitation by December 14, 2023. It means that elections will be held next year, providing the “strongest ever [in terms of ability]” caretaker administration more time to implement its policies.
As a result, the second possible launch date would be in the early months of 2024.
The PayPal debut in Pakistan may differ depending on the country’s political condition.