PayPal, Stripe coming to Pakistan? Here’s latest update

Dr. Umar Saif, the caretaker Federal Minister for Information Technology and Telecommunications, stated that conversations were underway with PayPal and Stripe about offering services in the country.

In an interview with the media, the IT minister stated that the government plans to persuade PayPal to provide services through a third party in Pakistan, similar to how PayPal provides services through a third party in Egypt.

READ MORE: https://www.economy.pk/paypal-stripes-arrival-in-pakistan-confirmed/

According to him, the ministry has asked PayPal to allow Pakistani freelancers to send money to Pakistan via a one-way transaction. “Talks will be held with PayPal in this regard in a week’s time,” he stated.

The IT minister also highlighted that talks with Stripe, another payment processing platform, are also underway.

Earlier this month, caretaker IT Minister Umar Saif expressed his resolve to bring “PayPal and Stripe to Pakistan”.

The IT minister discussed the proposal of bringing PayPal, Stripe, and Wise to Pakistan with the State Bank of Pakistan (SBP) officials.

During the meeting, dollar retention accounts and corporate debit cards for IT companies, to enable IT companies to retain and spend their dollars easily were also discussed

• Facilitate the Introduction of PayPal, Stripe, and Wise in Pakistan to Simplify Payments for Freelancers and E-commerce Businesses.
• Introduce Dollar Retention Accounts and Corporate Debit Cards for IT Companies to Streamline Dollar Management and Expenditure.
• Enhance RAAST’s Merchant Payment System, Including a Request-to-Pay Feature, to Accelerate the Next Phase of Person-to-Merchant (P2M) Transactions.

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