Dr. Umar Saif, the Caretaker Federal Minister for Information Technology and Telecommunication, has announced ongoing discussions with PayPal and Stripe, prominent online payment platforms, to initiate their services in Pakistan. This development aims to provide significant facilitation to freelancers and bolster the IT industry in the country.
Dr. Saif revealed that efforts are underway to persuade PayPal to introduce its services in Pakistan through a third-party arrangement, similar to their model in Egypt. Another round of talks with PayPal is scheduled within the coming week. Discussions with Stripe are also currently in progress.
Earlier this month, the IT minister expressed his determination to bring these online services to Pakistan, particularly for the benefit of freelancers. He presented a comprehensive plan to the caretaker Prime Minister Anwaarul Haq Kakar, who approved and commended the initiative to launch PayPal and Stripe in Pakistan.
The plan encompasses various strategies such as enhancing IT exports through the institutionalization of dollar retention accounts, the introduction of IT corporate debit cards to facilitate seamless financial transactions, resolving tax-related matters, and training 200,000 IT professionals, with the aim of contributing an additional $5 billion to IT exports.
Furthermore, the plan includes the introduction of Starlink in Pakistan to enhance nationwide connectivity. Dr. Saif emphasized the potential for co-working spaces to empower 500,000 freelancers, potentially adding an extra $3 billion annually to the economy.
