SLAMABAD: Pakistan’s Caretaker Federal Minister for Information Technology and Telecommunication, Dr. Umar Saif, has said that negotiations are currently underway with global payment giants PayPal and Stripe to bring their services to Pakistan.
Speaking to the media, Minister Umar Saif disclosed that the Pakistan government is actively engaging with PayPal to provide services in the country through a third-party arrangement, similar to the model employed in Egypt where PayPal services are facilitated via a third party. The ministry has proposed to PayPal the option of allowing Pakistani freelancers to repatriate their earnings to Pakistan using a one-way service. Talks to finalize this arrangement are scheduled to take place within the next week.
Additionally, the minister revealed that discussions with Stripe, another prominent payment processing platform, are also in progress.
PayPal, Stripe and Wise Services in Pakistan
Earlier this month, Minister Umar Saif had expressed his determination to bring PayPal, Stripe, and Wise to Pakistan, emphasizing the significance of these platforms for freelancers and e-commerce businesses operating in the country.
During discussions with officials from the State Bank of Pakistan (SBP), the proposal included the introduction of dollar retention accounts and corporate debit cards tailored for IT companies, facilitating the ease of retaining and utilizing dollars. Furthermore, the plan aims to accelerate the next stage of RAAST merchant payments, particularly peer-to-merchant (P2M) transactions, incorporating a request-to-pay facility.
The potential arrival of PayPal and Stripe in Pakistan holds promise for the nation’s growing freelance and e-commerce sectors, offering streamlined payment solutions and enhanced access to global markets.
